Cables Finolex Case: Two NCLAT members are called out by the SC for disobeying an order, and Deepak Chhabria faces a ₹1 crore punishment

 Cables Finolex Case: Two NCLAT members are called out by the SC for disobeying an order, and Deepak Chhabria faces a ₹1 crore punishment

Rakesh Kumar, a judicial member of the NCLAT, resigned after being called before the Supreme Court for disobeying its ruling in the Finolex case. 

Alok Srivastava, a Technical Member, has also offered an unqualified apologies for disobeying the directive.

Once the highest court saw the CCTV video of the event at the NCLAT, it concluded that both members had disobeyed its order. The court has chosen not to pursue further action against these members, despite the fact that one of them has apologized and the other has resigned.

The SC also discovered that the company's scrutinizer had delayed and withheld the AGM results in contravention of its order.

Fined is Deepak Chhabria

The former Executive Chairman of Finolex, Deepak Chhabria, has been fined ₹1 crore. Within two weeks, he must pay the fine into the Prime Minister's Relief Fund. Because the scrutinizer worked on Chhabria's side, he is penalized. 

In addition, the SC mandated that the scrutinizer transfer 10 lakh to the PM's Relief Fund in a week.

The matter has finally been resolved.