finolex: SC allows Prakash Chhabria's plea, asks scrutiniser to declare Finolex AGM results forthwith
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...
Source: indiatimes.com