AGI Greenpac Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Awaiting price reaction for this filing.
AGI Greenpac has informed the stock exchanges that the Supreme Court has dismissed its Review Petition (No. 657/2025) on May 16, 2025, with only a minor modification based on the respondents' submissions. The Review Petition was filed against the Supreme Court's earlier judgment dated January 29, 2025 in the 'Independent Sugar Corporation Limited v. Girish Sriram Juneja & Anr.' case. This matter relates to the company's proposed acquisition of Hindusthan National Glass & Industries Limited (HNGIL) through the Corporate Insolvency Resolution Process under the Insolvency & Bankruptcy Code, 2016. Detailed reasons for the order are awaited, and the copy of the order was uploaded on May 19, 2025.
The dismissal of the Review Petition is unfavourable for AGI Greenpac, as the original Supreme Court judgment against the company in the HNGIL acquisition matter now stands. This could create uncertainty or complications around the HNGIL acquisition plans and is likely to be viewed negatively by the market, though the full implications will depend on the detailed reasoning of the order.