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SC pardons NCLAT bench in Finolex case
Mint Mumbai
|October 31, 2023
Fines the former executive chairman of Finolex Cables, Deepak Chhabria
The Supreme Court on Monday pardoned the two members of the National Company Law Appellate Tribunal (NCLAT) bench who were held in contempt of court for defying the top court’s directives in the Finolex Cables Ltd case.
The decision followed the resignation of judicial member Rakesh Kumar and technical member Alok Srivastava, having submitted an unconditional apology for not complying with the top court’s order.
The apex court also imposed fines on Deepak Chhabria, the former executive chairman of Finolex Cables, for withholding the results of voting at the annual general meeting (AGM) through the company’s scrutinizer. Chhabria was directed to deposit ₹1 crore into the Prime Minister’s National Relief Fund within two weeks, and the scrutinizer was asked to deposit ₹10 lakh as a fine into the relief fund within the same period.
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