INSUBCONTINENT EXCLUSIVE:
The National Company Law Appellate Tribunal (NCLAT) on October 25 would hear the plea of minority shareholders of Alok Industries who are
opposing delisting of the company from bourses
Reliance Industries, 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
While listing the matter on October 25, a three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhyaya said minority
shareholders may address the appellate tribunal
The tribunal also directed market regulator SEBI to file its reply by October 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 (NCLT) 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