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HC upheld the requirement of Minimum Public Shareholding (MPS) compliance under rule 19A of SCRR, finding the divestment process by the Trust lacking bona fide intent. The Court determined that the appellant and Power Trust potentially attempted to circumvent MPS regulations through repeated procedural maneuvers. The scheme of amalgamation and demerger was scrutinized, with the Court concluding that the appellant's attempts to ensure 25% public shareholding were not genuine. Consequently, the Court's previous order was maintained, rejecting the appellant's challenge and emphasizing the importance of transparency in corporate shareholding and management.
HC upheld the requirement of Minimum Public Shareholding (MPS) compliance under rule 19A of SCRR, finding the divestment process by the Trust lacking bona fide intent. The Court determined that the appellant and Power Trust potentially attempted to circumvent MPS regulations through repeated procedural maneuvers. The scheme of amalgamation and demerger was scrutinized, with the Court concluding that the appellant's attempts to ensure 25% public shareholding were not genuine. Consequently, the Court's previous order was maintained, rejecting the appellant's challenge and emphasizing the importance of transparency in corporate shareholding and management.
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