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Supreme Court, Manipur violence

The Supreme Court on Monday held that a National Company Law Appellate Tribunal (NCLAT) bench comprising judicial member Rakesh Kumar and technical member Alok Srivastava wilfully defied its October 13 order by going ahead with the pronouncement of their verdict in the Finolex Cables case.
A bench headed by Chief Justice D Y Chandarchud and Justices JB Pardiwala and Manoj Misra, however, closed the contempt proceedings against Kumar and Srivastava.
It took note of the fact that the judicial member has resigned from his post and Srivastava, who only followed the direction of Kumar, tendered an unconditional apology.
We are of the view that there was an attempt to defy the orders of this court, the bench said.
The bench, however, imposed a cost of Rs one crore on Deepak Chhabria, one of the parties to the corporate dispute, and Rs 10 lakh on a scrutinizer for their role in the case and said the amount be paid in four weeks.
The amount will be deposited with the Prime Minister's reli

Press Trust of India

A bench, which also had justices J B Pardiwala and Manoj Misra, asked the two NCLAT members to appear before the Supreme Court on October 30

Business Standard

Finolex

In an unusual move, the Supreme Court on Wednesday issued notices to the National Company Law Appellate Tribunal judicial member Rakesh Kumar and technical member Alok Srivastava, asking them why contempt proceedings be not initiated against them for defying apex court orders in Finolex Cables disputes matter.
A bench headed by Chief Justice DY Chandrachud took strong exception to the passing of a judgement by the NCLAT bench.
The top court set aside the NCLAT bench's October 13 judgement relating to the annual general meeting (AGM) of Finolex Cables without going into its merit.
The bench also comprising Justices JB Pardiwala and Manoj Misra said the case would be heard by NCLAT chief Justice Ashok Bhushan.
"NCLAT has got down to a rot now. This case is an illustration of that rot.We are prima facie of the view that the members of the NCLAT have failed to disclose correct facts.
"We are of the view that it is necessary to pass orders to ensure that the dignity of this court is ..

Finolex cables

Cousins Prakash and Chhabria have been at odds over gaining control of Finolex Cables, a $2-billion pipe and cable manufacturer.

Shares of the company last traded at Rs 1,194, up 6.6 per cent over its previous day's close. Experts said traders are lapping up the stock in anticipation of a change in guard at the company

Says corrigendum notice not issued 21 days prior to AGM

q1 results, earnings, companies, india inc, corporate

Electrical and communication cable manufacture Finolex Cables on Monday reported a 39 per cent rise in its net profit at Rs 132.2 crore in the April-June quarter.
The company had reported a net profit of Rs 95.6 crore in the trailing 12-month period.
The Pune-headquartered company in a statement said its revenue for the quarter rose 19 per cent to Rs 1,204.3 crore from Rs 1,015.7 crore recorded in the corresponding period of FY23.
In volume terms, its flagship electrical wires rose 29 per cent, while power cables increased 3 per cent. Within the communication cables segment, volume of metal-based products improved 17 per cent during the quarter and optical fiber cable volume grew 50 per cent.
Volume growth in new products within the FMEG (fast moving electrical goods) segment was marginal due to continued inflationary pressures affecting consumer sentiment, the company added.
The expansion plans under which it is setting up a preform facility, OFC capacity expansion and E-beam ...

News

Finolex Cables case: NCLAT bench wilfully defied our order, says SC

SC summons 2 NCLAT members for defying order, slams 'rot' in tribunal

Finolex case: SC issues notices to NCLAT judicial member, technical member

Prakash Chhabria-led Orbit moves SC over Finolex Cables non-disclosure

Shares of Finolex Cables jump over 6% after Supreme Court judgement

InGovern seeks deferment of two resolutions floated by Finolex Cables

Finolex Cables net profit rises 39% to Rs 132.2 cr in Q1, revenue up 19%