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HC dismissed petition challenging implementation of CLB's exit formula for foreign investors in joint venture. Court held that attempts to recharacterize share capital reduction as share buyback were improper. CLB's order explicitly directed payment to foreign investors as consideration for capital reduction, not share purchase. Sale of VML property to investor's nominee was valid, having received RBI approval and surviving legal scrutiny. Court found petitioner's strategy aimed at avoiding compliance with CLB directives while manipulating regulatory processes through RBI and PMO channels rather than seeking proper judicial clarification. Share valuation proposed by petitioner at less than 1% of required payment amount demonstrated bad faith.
HC dismissed petition challenging implementation of CLB's exit formula for foreign investors in joint venture. Court held that attempts to recharacterize share capital reduction as share buyback were improper. CLB's order explicitly directed payment to foreign investors as consideration for capital reduction, not share purchase. Sale of VML property to investor's nominee was valid, having received RBI approval and surviving legal scrutiny. Court found petitioner's strategy aimed at avoiding compliance with CLB directives while manipulating regulatory processes through RBI and PMO channels rather than seeking proper judicial clarification. Share valuation proposed by petitioner at less than 1% of required payment amount demonstrated bad faith.
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