After having met with disappointment with FIPB rejecting their proposal, the latest hurdle could come by way of a pending suit before the Rajasthan High Court.
Looking to pump in 10,000 cr into its Indian subsidiary, Sistema is facing multiple challenges.
After having met with disappointment with FIPB rejecting their proposal, the latest hurdle could come by way of a pending suit before the Rajasthan HC.
Minority investors have moved Rajasthan HC seeking an exit route for their investment, which they claim has been rightfully denied. While hearing the plea, the Rajasthan HC in 2008 issued orders to Sistema to provide an exit option, and in the latest setback has issued orders for maintaining status quo with respect to shareholders' interest.
This interim order came after minority investors alleged that Sistema while refusing to comply with the HC orders for providing an exit route, was hurting the minority investors by infusing capital and diluting the equity holding of the minority shareholders.
FIPB sources had confirmed that among other issues, the Rajasthan HC interim order also compelled them to reject the proposal. The Rajasthan HC will take up the matter for further hearing on October 10.
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