NCLAT To Hear Alok Industries’ Minority Shareholders Plea On Oct. 25
The National Company Law Appellate Tribunal Oct. 25 would hear the plea of minority shareholders of Alok Industries Ltd. who are opposing delisting of the company from bourses.
Reliance Industries Ltd., which is the successful resolution applicant for Alok Industries, has filed a petition before the NCLAT to seek a waiver from the delisting guidelines for Alok Industries.
Two retail investors have also moved the NCLAT opposing RIL's move to delist Alok Industries contending that it would erode the value of the company.
While listing the matter on Oct. 25, a three-member NCLAT bench headed by Chairperson Justice SJ Mukhopadhyaya said minority shareholders may address the appellate tribunal.
The tribunal also directed market regulator Securities and Exchange Board of India to file its reply by Oct. 25.
Earlier, NCLAT had impleaded market regulator SEBI as a party in this matter. RIL has got debt-ridden Alok Industries in its fold after the Ahmedabad bench of National Company Law Tribunal approved its Rs 5,050-crore resolution plan in March this year.
However, while approving the scheme, the NCLT did not consider RIL's plea to grant exemptions in delisting and the matter has now been brought before the appellate tribunal NCLAT.
Alok Industries, a Mumbai-based integrated textile company was in the first list of 12 companies issued by the Reserve Bank of India in 2017 for initiating insolvency proceedings.