The National Company Law Tribunal (NCLT) had restrained RHC Finance, a firm controlled by Malvinder Mohan Singh and Shivinder Mohan Singh, from exercising its voting rights in Religare Enterprises till further orders.
The tribunal on Wednesday ordered maintaining the status quo on RHC Finance’s voting rights and listed the matter for further consideration on October 7.
“We at this moment order status quo on the respondents to restrain them from exercising their voting power with the resolution, until the further orders of this bench,” the two-member NCLT bench said in its order, media reported.
The NCLT order came on an urgent application moved by Religare Enterprises.
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Religare Enterprises, under the new management, filed a petition before the NCLT on 14 June 2019, seeking cancellation of 2.5 crore Non-Convertible Redeemable Preference Shares (NCRPS) that were issued to RHC Finance, claiming them to be “void ab initio” and “unlawful”.
“By way of the petition above, amongst others, REL also sought cancellation of the Preference Shares and consequent rectification of the register of members of REL and also sought interim relief concerning the suspension of voting rights and dividend rights attached to the said Preference Shares,” the company said in a regulatory filing.
