Finolex group’s Chhabria family feud has worsened with Prakash Chhabria, son of late Prahlad Chhabria, founder of the Pune-based Rs 15,000 crore Finolex group, has moved the Bombay High Court, questioning the continuance of Deepak Chhabria as executive chairman of Finolex Cables. According to a copy of the civil application reviewed by ET, Prakash has asked the high court to pass an injunction to restrain his cousin Deepak from ‘acting as executive chairman of Finolex Cables’. The matter will be heard on April 4. Prakash, who is the promoter of Finolex Cables and its largest shareholder, has alleged that in the last AGM held on September 25, 2018, Deepak didn’t follow the mandate stipulated by the board resolution passed by promoter entity Orbit Electricals. In an emailed response, Prakash said he has filed an application before the high court, inter-alia seeking to restrain Deepak from continuing as executive chairman as he has breached the mandate of the majority shareholders. “I will not be able to comment further as the matter is sub-judice.” Deepak too declined to comment. “I am unable to respond to your questions as the matter is sub-judice and pending before the competent courts and tribunals.” BSE shareholding… Read full this story
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