The Hindu Business Line : Karnataka HC suspends CLB order on BPL Comm

THE Karnataka High Court on Tuesday suspended the Company Law Board's September 29 interim order on BPL Communications subject to the condition that the Board should decide whether it can entertain the dispute between the petitioners and the respondents.

The lawyer representing the respondents, the BPL Communications Chairman, Mr Rajeev Chandrashekhar, and the company, Mr Sajan Poovayya, said that in an oral order, the Karnataka High Court suspended the CLB order on the condition that the entire transaction will be subject to the ultimate result of the petition pending before the Board.

Mr Poovayya said they would await the decision of the CLB before taking further action. The Court said that the Delhi CLB should decide whether it can entertain the dispute and said that the transfer of shares or any transactions in the shares shall be subject to the outcome of the proceedings of the Board.

On September 29, the CLB vacated its interim order passed on September 27 directing maintenance of status quo in the shareholding pattern of BPL Communications.

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