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Shareholders of Finolex Cables have rejected the reappointment of Deepak Chhabria as executive chairman, according to the company. The decision comes after the Supreme Court ordered the disclosure of voting results for the resolution, which had been withheld by the company. Prakash Chhabria-led Orbit Electricals, a promoter of Finolex Cables, took the matter to the Supreme Court, contesting the non-disclosure. A majority of shareholders, including 93.21% of the promoters, voted against Chhabria s reappointment. ....
The Supreme Court has accepted Orbit Electrical s plea challenging Finolex Cables s decision to withhold AGM results. The court ordered the scrutiniser to disclose the results immediately and stated that the NCLAT can pronounce the judgement later. Orbit Electricals holds a 30.7% stake in Finolex Cables, while Finolex Industries holds 14.51%. Prakash Chhabria, the largest shareholder of Orbit Electricals, and Deepak Chhabria, his cousin and executive chairman of Finolex Cables, are engaged in a struggle for control. The SC had allowed Prakash Chhabria s Orbit Electricals to vote at the FCL AGM, but the outcome is subject to the NCLAT order. ....
Orbit moves Supreme Court over Finolex AGM results financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
SC lets Orbit Electricals vote in Finolex Cables' AGM financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
The Supreme Court has overturned an interim direction by the National Company Law Appellate Tribunal (NCLAT) in the Finolex Group dispute, allowing Orbit Electricals to participate in the voting at Finolex Cables annual general meeting. The dispute involves the executive control of Finolex Cables between cousins Prakash and Deepak Chhabria. The Supreme Court order grants Orbit Electricals the authority to cast votes related to the appointment of Deepak Chhabria as executive chairperson. ....