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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.