However, the court clarified the decision on the no-trust move could not be implemented without its permission.
The court also lifted the ad-interim relief, confirmed by a single judge bench of the same court earlier, on the meeting convened.
"The interim relief granted by the learned single judge is modified to the extent that it will be open for the federation to convene the meeting and transact the agenda and place the same before this court," a division bench of Justice R R Tripathi and Justice R D Kothari observed.
"It will be open for the federation to take all necessary and required steps. The same shall not be implemented without prior permission of this court," the bench said.
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A single judge bench of the high court had last week confirmed the ad-interim relief, granted on October 25, till the final disposal of the plea.
The single judge bench's order was challenged by the Federation before the division bench. GCMMF counsel had urged the court to take into consideration the balance of convenience.