Deepak Chhabria has stepped down as executive Chairman of Finolex Cables after the Supreme Court stuck down the NCLAT order upholding his position in the company.
The board of directors of the company has appointed Nikhil Naik, Non-Executive Director of the Company, as Chairman of the Board with immediate effect.
Earlier, the company had withheld the shareholders’ voting results on reappointment of Deepak Chhabria as the Executive Chairman for five years.
On the direction of the Supreme Court, it declared the voting results proposed in the 55th Annual General Meeting. Shareholders had voted against the re-appointment of Chhabria.
However, NCLAT had ruled in favour of Chhabria continuing as Chairman. The majority shareholder of the company Orbit Electricals moved the Supreme Court against NCLAT order. Following this, the court had set aside NCLAT ruling and ordered a fresh hearing.