NCLAT dismisses minority shareholders' plea in Minosha India case
₹45.3 crore from ₹47.9 crore, proposing that 5.38% of its share capital would be diluted in the process. The company argued that this capital reduction would allow its public shareholders to exit at a fair valuation, given that the shares were not tradeable since their delisting in 2019.
However, this was opposed by minority shareholders who sought directions to allow them to opt to either exit the company or remain invested. On 19 May, the NCLT, led by Justices Kuldip Kumar Kareer and Anuradha Bhatia, allowed Minosha to reduce its capital and transfer part of the property as envisaged in the proposed reduction.
Aggrieved by the NCLT order, shareholders moved the appellate court, alleging that they were not given an option but were forced to exit by the 94.62% shareholders belonging to the promoter group. Milestone Alert!
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