Tag: high court

Shares of DB Realty hit the 5 percent upper circuit on Wednesday as the company informed the stock exchanges that the firm has won the title of land owned by it in Mumbai and will now develop a 2 million square feet office complex. The matter which was under the review of The Supreme Court through public interest litigation (PIL), was cleared by the apex court on February 28 in favor of the real estate developer. The court through its order has allowed the subsidiary of the company – Esteem Properties to develop this land in Mumbai. In a regulatory filing, D B Realty informed that its subsidiary Esteem Properties owns about 22,000 square meters of land at Andheri (East) in Mumbai and was the subject matter of Public Interest Litigation."The Company intends to develop the subject land into a 2.00 million sq feet (leasable area) grade A office space in the next 3 years." Read more

Today (9th Sept.2021) The Supreme Court of India stayed all the proceedings before the Delhi High Court for four weeks related to the implementation of an award by Singapore's Emergency Arbitrator (EA) restraining Future Retail Ltd (FRL) from going ahead its Rs 24,731 crore merger deal with Reliance Retail. A bench headed by Chief Justice N V Ramana, in a consent order, also directed the statutory authorities like National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and market regulator Sebi not to pass any final order related to the merger deal for next four weeks. It considered the statements of senior advocates Harish Salve and Mukul Rohatgi, appearing for FRL and Future Coupons Private Ltd (FCPL) respectively, that the arbitrator has reserved the final verdict in the case after hearing both sides. Read more

Shares of Vedanta Limited dropped 6 per cent to Rs 120.20 on the BSE after the Madras High Court refused to allow reopening of Sterlite copper smelting plant in Tamil Nadu's Thoothukudi. The High Court upheld the Tamil Nadu government's order of May 2018, which directed the closure of Vedanta's facility. The judgment was pronounced on August 18 by a Division Bench of Justices TS Sivagnananam and Bhuvani Subbaroyan. Vedanta Limited had moved the court challenging the state government's closure order against its Sterlite Copper Plant on May 28, 2018. The Thoothukudi Sterlite copper smelting plant remains shut since April 9, 2018, after the Tamil Nadu Pollution Control Board (TNPCB), through an order dated April 9, 2018, rejected the Consent to Operate (CTO) for the plant and issued a direction for closure and disconnection of power supply at the plant. 13 people were allegedly shot dead by the police on May 22, 2018 during a protest against the plant. Read more