Supreme Court allows Orbit Electricals to vote in Finolex Cables’ AGM

The Supreme Court on Tuesday vacated an interim direction of the National Company Law Appellate Tribunal (NCLAT) and permitted Orbit Electricals, led by Prakash Chhabria, to participate in the voting at the Finolex Cables’ annual general meeting scheduled for Friday, according to a report by The Economic Times (ET). With this development, the Finolex Group dispute has taken a new turn.

The dispute is related to the executive control of Finolex Cables involving the cousins Prakash and Deepak Chhabria. The Supreme Court’s directive could lead to increased friction in the dispute since it gives Orbit Electricals the authority to cast votes related to the resolution concerning the appointment of Deepak Chhabria as executive chairperson.