Supreme Court admits matter; interim direction that no coercive action be taken against petitioner's directors/officers
The company says the matter has been admitted by the Hon'ble Supreme Court and is listed for hearing.
By ScoutQuest · · 1 min read
What the company has said
- The matter has been admitted by the Hon'ble Supreme Court and is listed for hearing.
- In the interim, the Supreme Court has directed that no coercive action shall be taken against the Directors/officers/officials of the petitioner, subject to the terms and conditions of the order passed by the Court.
- The matter is presently pending before the Hon'ble Court and is sub judice.
This update is a continuation of earlier intimations the company has made on the same matter.
What it means in simple words
The Supreme Court has agreed to take up the matter, and it will be heard by the Court. Until then, the Court's interim direction means that no coercive action is to be taken against the Directors/officers/officials of the petitioner. That protection comes with the terms and conditions set out in the Court's order, so it is not unconditional.
Sub judice means the matter is still before the Court and awaiting a decision.
What to watch
- The outcome of the hearing before the Supreme Court.
- Any further order of the Court, since the interim direction applies subject to the terms and conditions of the order passed.
- Further intimations from the company on material developments in the matter.
The company has stated that it will continue to monitor the proceedings and keep the stock exchanges and its shareholders informed of any material developments, as and when received from the Court or otherwise in accordance with applicable laws and regulations.
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