The dismissal of the application is based on the fact that the AGMs were conducted at the behest and supervision of a retired judge of Madras High Court appointed by the court.
This hearing on the contempt of court application has further delayed the courts verdict on the voting rights of foreign institutional investors (FII) by another week. The high court judge today said that the association misrepresented and suppressed facts to obtain a stay order from the local court against the 83rd,84th and 85th AGMs.
He said that the association did not state in its application that three AGMs were conducted by the high court-appointed judge and the proceedings were submitted before the court.
The judge also said that he would bring the contempt proceedings against the president and secretary of the shareholders of the Welfare association. This resulted in a delay in the much anticipated high court's final validity on the voting rights of FIIs.
