Vadodara-based Jyoti Ltd on Monday said the Supreme Court heard the Special Leave Petition filed by the company’s promoters in connection with an alleged hostile takeover attempt by the Mumbai-based broker Bharat Patel and his associates. The premier court has put the matter for final orders on Tuesday. “…After hearing the learned counsels, the matter is kept for orders on Tuesday,” the company informed.
March 17 meetingPatel along with Mumbai-based Finquest Financial Solutions Pvt Ltd had issued notice proposing to convene an extraordinary general meeting on March 17 seeking removal of the board of directors, including Rahul Amin, the Chairman and Managing Director of the company.
With the apex court’s final order coming on Tuesday, the EGM called by Bharat Patel and others on March 17 cannot be held, the company informed the BSE.
Jyoti shares fell 3 per cent on the BSE to close at ₹61.