Orbit Electricals News Today

Finolex Cables: The top court, however, closed the contempt proceedings against them after taking note of the subsequent resignation by the judicial member and unconditional apology tendered by technical member Srivastava.

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.

The NCLAT order had paved the way for Deepak Chhabria, who is at loggerheads with his cousin Prakash Chhabria over the management control of the company | Latest News India

The SC set aside the 13 October controversial NCLAT order in the matter by exercising special jurisdiction under Article 142 of the Constitution.

On October 16, the National Company Law Appellate Tribunal (NCLAT) Principal Bench, New Delhi, suspended an earlier order that allowed Deepak Chhabria to continue as the chairman of Finolex Cables.

The order was related to the annual general meeting (AGM) of Finolex Cables and Prakash Chhabria and Deepak Chhabrias legal tussle over the management control of the company.

In this matter, a three-member apex court bench headed by Chief Justice DY Chandrachud on October 13, directed the NCLAT to proceed to its judgment and declare the results of the meeting only after getting the scrutinisers report.

The National Company Law Appellate Tribunal (NCLAT) has suspended its order regarding the disclosure of the results of Finolex Cables annual general meeting (AGM) after an enquiry by the Supreme Court. The Supreme Court had directed the NCLAT chairperson to conduct an enquiry following an allegation that one of its benches delivered an order without following the top courts directions.

The tussle between the two factions of the Chhabria family, fighting for the control of Finolex Cables Ltd, is among the many family feuds that are currently on show and promises to be more entertaining than some of the competing ones!