Ambanis, Mittal, Tata, Sahara face tough 2013 in courts

Image
Press Trust of India New Delhi
Last Updated : Dec 29 2013 | 11:35 AM IST
Corporate czars like Anil Ambani, Sunil Bharti Mittal and business houses including Tatas came under intense judicial scanner for scam-related cases in 2013 with Subrata Roy Sahara facing the toughest time in Supreme Court which restrained him from leaving India.
Be it the witness box in trial courts or corridors of the Delhi High Court and the apex court, names of business tycoons like Mukesh Ambani, Kumar Mangalam Birla, Naveen Jindal and Ravi Ruia cropped up in controversial matters and cases which are under scrutiny in different judicial forums.
The year also saw several multinational giants like Finish mobile maker Nokia rushing to the high court in a high stake tax dispute while UK-based Vedanta Group, Korean steel major Posco and Swiss pharma firm Novartis were engaged in Supreme Court on issues ranging from industrial pollution, licences and patent.
The patent battle saw domestic pharmaceutical firms getting a major boost with the apex court dismissing the plea of Novartis for patent of a cancer drug Glivec, paving the way for Indian companies to manufacture cheap generic drugs.
So was the case in the high court where US-pharma major Merck Sharp & Dohme (MSD) failed to get any relief against Indian Pharma Glenmark which has come up with generic anti- diabetic medicines. An intra-court appeal against the order is pending before a larger bench.
However, the year was tough for Sahara India Parivar as Roy was not only restrained from leaving India but he and his group firms were accused of taking the apex court "for ride" and "playing hide and seek" in the case relating to refund of Rs 20,000 crore to investors in which they are facing contempt proceedings.
More trouble came when the apex court said that contempt proceedings can go ahead against Roy and his two employees for interfering with the investigation into the 2G spectrum case.
*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Dec 29 2013 | 11:35 AM IST

Next Story