Inside Bhagwati Developers’ 35-Year Battle Against Peerless: Why Supreme Court Sided With The Promoters
A three-and-a-half-decade corporate war over control of Kolkata-headquartered Peerless Group—one of eastern India’s most prominent business conglomerates—reached a decisive moment at the Supreme Court. On Tuesday, a Supreme Court bench comprising Justices PS Narasimha and Alok Aradhe dismissed an appeal filed by minority shareholder Bhagwati Developers Private Limited (BDPL) against Peerless…
A prolonged legal battle spanning 35 years concludes with a Supreme Court ruling in favor of the promoters of Peerless Group. The dispute centered around the actions of Peerless General Finance and Investment Company Limited, a conglomerate with interests in healthcare, hospitality and real estate. The minority shareholder Bhagwati Developers Private Limited, led by businessman Parasmal Lodha, had challenged the company's management decisions made in the late 1980s.
The court dismissed the appeal, affirming that the share issuances and transfers carried out at the time were conducted with good faith and in compliance with statutory norms.
Written by urgent.news from Free Press Journal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
