Shareholder Nomination Valid Despite Lack of Unanimity; Liquidator Can't Dismiss Based on Majority Support per Regulation 31A(4).

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Full Text of the Document

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....Constitution of Stakeholders Consultation Committee (‘SCC’) - the nomination of the first Respondent as the representative of the Shareholders cannot be rejected by the Liquidator simply on the ground that the said nomination was not made unanimously by all the Shareholders and has further held that as the first Respondent was nominated by or i.e., the 3 out of 5 Shareholders, the question of applicability of the provisions under Regulation 31A(4) does not arise. - AT....