Deepak Chhabria steps down as Finolex Cables chairman

economictimes.indiatimes.com:

Chhabria cousins at Finolex Group has ultimately resulted in Deepak Chhabria's removal from the board of Finolex Cables. Deepak Chhabria, with a decade-long run as chairman of Finolex Cables, was compelled to relinquish his position as a consequence of the Supreme Court's reprimand of the National Company Law Appellate Tribunal (NCLAT), which had allowed him to continue in his role.

Following the removal of Deepak Chhabria, the fight for the control of Finolex Cables is expected to intensify, with estranged cousin Prakash Chhabria intending to stake claim to the post.

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Shares of Finolex Cables gained 1.47% to Rs 933.35 on Friday.


In an exchange filing, the company said that Deepak Chhabria ceased to be wholetime director designated as «executive chairman» of the company with effect from October 16, 2023.

«Further, we wish to inform you that the board, at its meeting held today, appointed Nikhil Naik, non-executive director of the company, as chairman of the board with immediate effect and until the conclusion of the next annual general meeting of the company.

In the last AGM held on September 29, shareholders of Finolex Cables had rejected a resolution pertaining to the reappointment of Deepak Chhabria as a wholetime director designated as executive chairman. About 72.34% of the total investors had voted against the resolution, while 27.66% supported it. Significantly, 93.21% of the promoters opposed Chhabria's reappointment. In contrast, 64.38% of institutional