Liberty Shoes Limited has informed the Exchange regarding 'Update on petition filed by Sh. Adesh Kumar Gupta and other shareholder petitioners before NCLT Chandigarh under Section 241, 242 and 244 of the Companies Act, 2013 against the Company and other respondents'.
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Liberty Shoes has informed exchanges that shareholder petitioners, led by Sh. Adesh Kumar Gupta, have filed a fresh appeal before the Supreme Court of India against the September 2024 NCLAT order. The original petition, filed at NCLT Chandigarh under Sections 241, 242, and 244 of the Companies Act (dealing with allegations of oppression and mismanagement), was dismissed by NCLAT, which upheld the earlier NCLT order from November 2023 that went in the company's favor. The company has stated it will contest the Supreme Court appeal through its legal counsel and will provide further updates as the case progresses.
The Supreme Court appeal prolongs the legal overhang for Liberty Shoes shareholders, though the company has already won at both NCLT and NCLAT levels. Investors should treat this as a continuation of an existing dispute rather than a new legal setback, but monitor further updates closely as a contrary ruling at the Supreme Court could have implications for company management or governance.