The National Company Law Appellate Tribunal (NCLAT) upheld an order regarding a protracted share transfer dispute within Finolex Industries Ltd. This ruling permits amendments to a 2016 company petition, allowing new developments to be included in the legal record.
The tribunal dismissed appeals against the National Company Law Tribunal (NCLT) order but left the statute of limitations question for the final hearing. The case stems from a challenge by one of the promoter brothers against specific share transfers.
This decision prolongs the legal battle between the Chhabria brothers over the group's ownership structure and control. The final outcome of the petition remains undecided.