Finolex Cables Ltd News

NCLAT declines to change Finolex's AGM outcome, ousting Deepak Chhabria

The National Company Law Appellate Tribunal has given a go-ahead to the outcome of the AGM of Finolex Cables, wherein shareholders voted against the reappointment of Deepak Chhabria on the company's board. A two-member bench of the appellate tribunal said the consolidated scrutinizer's report of the AGM of Finolex Cables Ltd (FCL) reflects that 72.34 per cent of votes were against resolution Number 4, which was for the reappointment of Deepak Chhabria. "The decision of the Annual General Meeting (AGM) held on 29.09.2023 on Resolution No.4, which took place during the pendency of this Appeal is not interfered with," the bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra said. Besides, the NCLAT also declined to invalidate the extraordinary general meeting (EGM) of Orbit Electricals in 2019, a holding company of Finolex Cables, in which the Articles of Association (AoA) were amended. The NCLAT has upheld the earlier order passed by the National Comp