INSUBCONTINENT EXCLUSIVE:
MUMBAI: In a major relief for the promoters of the Future Group, the Supreme Court on Friday dismissed a Special Leave Petition (SPL) filed
by the UBS AG London Branch challenging the Bombay High Court ruling, that restrained IDBI Trusteeship and others from selling pledged
shares of shares in Future Retail
On Friday, the division bench of the Supreme Court, while dismissing the plea filed by the lenders of the Kishore Biyani promoted company,
division bench of Justice Sanjay Kishan Kaul and Justice BR Gavai, in its two-page order
Senior Counsels, Mukul Rohatgi and Vikram Nankani are representing Biyani promoted companies in the case along with law firm Naik Naik - Co
While Senior counsel KV Viswanathan and law firm J Sagar Associates is representing UBS in the case
debenture trust deed to Rs 303 at the start of this month, due to the market collapse in the wake of the Covid-19 crisis
On Friday, the shares closed at Rs 81 on the BSE.
The Biyani promoted companies had argued in the high court that, If the shares are sold
in the current situation, it will cause irreparable loss to the promoters and hence the trustee should restrain from selling the pledged
shares until the next date of hearing
The Bombay High Court had granted interim relief to the Biyani owned companies and restrained its lenders to sell pledged shares until