Bombay High Court rules against SEBI; paves way for takeover of Reliance Commercial by Authum Investments

A Division Bench of the High Court dismissed an appeal filed by SEBI against a single-judge order permitting voting of shareholders for takeover of RCFL based on the trust deed signed in compliance with RBI regulations.
SEBI and Bombay High Court
SEBI and Bombay High Court

A Division Bench of Bombay High Court on Monday upheld a single-judge order which permitted the shareholders of Reliance Commercial Finance Ltd (RCFL) to carry out a voting process based on a Debenture Trust Deeds signed by the shareholders in compliance with the Reserve Bank of India (RBI) circular [Securities and Exchange Board of India v. Rajkumar Nagpal & Ors.]

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