Bombay HC Clears Swadeshi Mills Revival, Approves Chunabhatti Redevelopment & ₹223 Crore Worker Settlement
Mumbai: The Bombay High Court has cleared the way for the revival of the iconic Swadeshi Mills Company Ltd, setting aside a single-judge order that had refused to halt the company’s winding-up and rejecting objections raised by minority shareholders. Also Watch: A division bench of Justices Ajey Gadkari and Kamal Khata, on September 2, permanently stayed the 2005 winding-up order, paving the way…
The Bombay High Court has cleared the path for the revival of the renowned Swadeshi Mills Company Ltd, overturning a previous order that had halted the company's winding-up proceedings. The court, comprised of Justices Ajey Gadkari and Kamal Khata, rejected objections from minority shareholders and approved a revival plan backed by majority shareholders, Grand View Estates Pvt Ltd and Forbes & Co Ltd, as well as the Rashtriya Mill Mazdoor Sangh (RMMS).
The proposed revival involves the redevelopment of the company's 48-acre land at Chunabhatti in Mumbai, a project of public interest that would benefit thousands of former workers who have endured hardship for over two decades.
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