In the application, Temptation Foods has contended that it has acquired only 3.23 per cent stake in Kohinoor Foods and it would not affect the voting rights.
During the proceedings of the Company Law Board (CLB), counsels appearing for Temptation Foods argued that even documents of Kohinoor Foods stated Temptation is not going to take over it.
"Kindly vacate the ex-parte stay... Why our voting right has been restrained as we have only 3.23 per cent stake. Even the company say that I am not going to take over it," submitted the counsel before the board.
However, this was opposed by counsels appearing for Kohinoor Foods.
They submitted that Temptation Food has no locus standi and the application was not maintainable. "Since June 26, when the CLB stayed their voting rights, they have not even bothered to file reply of the notices issued by the board," the counsel said adding ten days have already passed and they (Temptation) did not file a reply.
"They do not want to pursue the case and this application is nothing more than "'hit and trail'" he submitted.
Later, the CLB issued notice to the company and listed the matter on July 30 for next hearing. Earlier last month, admitting a petition by Kohinoor Foods, CLB had restrained voting rights of Temptation Foods on the basis of shares acquired by it.
