Deepak Chhabria has been removed from the board of Finolex Cables, following a longstanding dispute with his cousin, Prakash Chhabria. This comes after the Supreme Court reprimanded the National Company Law Appellate Tribunal for allowing Deepak to continue in his role. The fight for control of Finolex Cables is expected to intensify, with Prakash intending to stake claim to the position. Shares of Finolex Cables rose 1.47% on Friday.
Deepak Chhabria has been removed from the board of Finolex Cables, following a longstanding dispute with his cousin, Prakash Chhabria. This comes after the Supreme Court reprimanded the National Company Law Appellate Tribunal for allowing Deepak to continue in his role. The fight for control of Finolex Cables is expected to intensify, with Prakash intending to stake claim to the position. Shares of Finolex Cables rose 1.47% on Friday.
InGovern Research has suggested that FCL shareholders seek a postponement of the resolution, citing concerns over the adequacy of the notice period. On the other hand, Stakeholders Empowerment Services (SES) has advised shareholders to vote against it, while Institutional Investors Advisory Services (IiAS) has recommended that shareholders vote in favour of the resolution.