The National Company Law Appellate Tribunal (NCLAT) has ordered a status quo on Sarda Energy & Minerals Ltd (SEML)’s bid to take over SKS Power Ltd responding to the company’s plea against a lower court’s order which had asked lenders to reconsider their decision to declare SEML as the winning bidder. The next date of hearing is November 24.
Deepak Chhabria has been removed from the board of Finolex Cables after the Supreme Court reprimanded the National Company Law Appellate Tribunal for allowing him to continue in his role. The fight for control of Finolex Cables is expected to intensify, with Prakash Chhabria intending to stake claim to the position. Shares of Finolex Cables rose 1.47% on Friday.
Veteran lawyer Shardul Shroff has approached the Supreme Court on behalf of Torrent Investments to expedite the hearing on the company’s application to stay the second challenge mechanism in a corporate insolvency resolution process for the Anil Ambani-promoted Reliance Capital.
