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The Supreme Court has asked the Bombay High Court to decide the case related to Finolex’s promoters within a period of 6 weeks.
The case relates to a dispute between Finolex promoters Prakash Chhabria and his cousin Deepak Chhabria. Deepak, in an FIR, has alleged that 70.4 per cent of Orbit Electricals (the holding company of the Finolex Group) was transferred by fraud in the name of Prakash in March 2016 through a fabricated board meeting that never took place. Prakash filed petitions for quashing the FIR in 2021 in the High Court and got ad-interim reliefs of non-coercive action in his favour.
Deepak recently filed a SLP in the Supreme Court stating it is more than two years and the investigation is effectively stayed due to the High Court order giving non-coercive protection to Prakash and pleaded that the non-coercive should be vacated.
Earlier this month, the top court ordered the high court to expedite the hearings and give its decision within 6 weeks.
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