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Tourism financing company TFCI on Monday told the Supreme Court that it does not want to pursue the litigation over appointment of board directors with IFCI.
IFCI, the largest stake holder in TFCI, had convened an EGOM to appoint five additional directors on the company board, which was approved of by Delhi High Court in May.
Tourism Finance Corporation of India had challenged this in the apex court.
However, handing over a letter to the Supreme Court, TFCI said on Monday that the present case was filed without proper authorisation of its board and that it does not want to pursue the case further. IFCI which holds 37.5 per cent stake in TFCI is contending that it has right for five more representation on TFCI's board.
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