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CNBC TV18

Nikhil Naik resigns as chairman of Finolex Cables, Ratnakar Barve named successor

Shares of Finolex Cables Ltd ended at ₹1,425.00, down by ₹5.90, or 0.41% on the BSE. Finolex Cables' net profit dropped 7% in the first quarter of FY25.

Business Line

Stocks that will see action today: September 4, 2024

Buzzing stocks: Raymond, IEX, GIC-RE, Utkarsha SFB, AU SFB, Rane Holdings, Finolex Cables, Cipla, Godrej Phillips, Zee Entertainment, NHPC, GSK Pharma

Business Standard

NCLAT declines to change Finolex's AGM outcome, ousting Deepak Chhabria

The National Company Law Appellate Tribunal has given a go-ahead to the outcome of the AGM of Finolex Cables, wherein shareholders voted against the reappointment of Deepak Chhabria on the company's board. A two-member bench of the appellate tribunal said the consolidated scrutinizer's report of the AGM of Finolex Cables Ltd (FCL) reflects that 72.34 per cent of votes were against resolution Number 4, which was for the reappointment of Deepak Chhabria. "The decision of the Annual General Meeting (AGM) held on 29.09.2023 on Resolution No.4, which took place during the pendency of this Appeal is not interfered with," the bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra said. Besides, the NCLAT also declined to invalidate the extraordinary general meeting (EGM) of Orbit Electricals in 2019, a holding company of Finolex Cables, in which the Articles of Association (AoA) were amended. The NCLAT has upheld the earlier order passed by the National Comp

The Economic Times

NCLAT rejects appeal filed by Deepak Chhabria of Finolex Cables against Orbit Electricals

The NCLAT has dismissed Deepak and Vini Chhabria's appeal against Orbit Electricals. The tribunal verified the contested board meeting did occur and stated that amendments to the Articles of Association did not need unanimous consent. Upholding the NCLT's earlier decision, the NCLAT refused to intervene in Deepak's vice chairman role at Finolex Cable.

Business Line

Finolex Cables reports modest revenue growth, profit declines in Q1 FY25

The company reported a net profit of ₹122.5 crore, 7 per cent decline from ₹132.3 crore in the same quarter last year