The Delhi High Court on Thursday refused to give interim relief to Sapna Govind Rao, a minority share holder of Railways Enterprises. He demanded a ban on the open offer of the Dabur promoter Burman family for the company’s upcoming annual general meeting and the Comptroller share of the financial services firm. The court said that the market regulator SEBI does not yet have any valid competitive offer. In such a situation, an open offer of Burman can move forward without any obstruction.
The market regulator returned the request of the competitive offering of Florida businessman Danny Gaikwad as the proposal did not meet regulatory criteria under the Securities Act. Rao has 500 shares of Railways Enterprises. In his appeal, he said that low evaluation is a significant risk for the interests of the minor shareholders.
On the application to ban the AGM on 7 February, the High Court said that the petitioner did not show any binding reason to obstruct the company’s administration process at this stage. The court has fixed the hearing of the case on 18 February, not giving any interim relief. Burman’s lawyer argued that it was an application to delay in the AGM and to prevent changes in the management of Railways.
A day earlier, Rashmi Saluja, Executive Chairperson of Railways, demanded relief from the Delhi High Court in the case of removing the post of Director of Finance Firm. He claimed that his appointment is valid till February 2028. The court will hear the matter on 4 February.