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| Exchange Disseminated Time | Mahaan Foods Ltd has informed BSE that the Company’s business has severely suffered due to disputes amongst the promoters of the Company. The inter-se disputes amongst the promoters of the Company was settled through execution of Memorandum of Family Settlement (MOFS) on August 31, 2010 which was taken on record by the Hon’ble Company Law Board, New Delhi vide its order dated September 03, 2010. Since then, the family settlement under MOFS remains to be fully executed despite the process of arbitration undertaken by the parties as per directions of Hon’ble High Court in the year 2012.
On account of delay in the process of arbitration, an application was filed in the Hon’ble Delhi High Court to deal with the issues arising out of implementation of MOFS.
At a hearing held on March 21, 2016, the Hon’ble Delhi High Court has fixed the next date of hearing on May 18, 2016.
The Company shall inform the outcome of proceedings of Hon’ble Delhi High Court accordingly. |
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