Fox & Mandal represented the Roy group in a corporate dispute before the National Company Law Appellate Tribunal (NCLAT), which has delivered a decisive ruling bringing a 35-year-old corporate battle to a close and firmly cementing the Roy group’s control over Peerless.
Fox & Mandal represented the Peerless General Finance & Investment Co Ltd (Peerless) in a landmark corporate dispute before the National Company Law Appellate Tribunal (NCLAT), which has delivered a decisive ruling bringing a 35-year-old corporate battle to a close and firmly cementing the Roy group’s control over Peerless.
The NCLAT set aside the National Company Law Tribunal’s order (NCLT), delivering a strong reaffirmation of corporate finality. The NCLAT ruled that shareholders cannot retroactively challenge transactions they previously approved and benefited from.
The judgment underscores a foundational principle: historic commercial decisions — such as the issuance of shares at par value under the Companies Act, 1956 — should not be second-guessed decades later without clear proof of unfair prejudice. By cautioning against reopening settled transactions dating back to 1991, the NCLAT sends a definitive message against unsettling established corporate governance.
This ruling stands as a major victory for the principles of estoppel, commercial wisdom, and the sanctity of long-standing corporate actions.
Fox & Mandal acted as legal counsel to the Roy group, providing comprehensive advocacy and advisory support throughout the proceedings before the NCLAT. The firm was responsible for briefing Senior Advocates for oral arguments and managing the full spectrum of legal strategy in this complex, multi-decade litigation.
The Team consisted of Debanjan Mandal (Managing Partner), Sanjiv Kumar Trivedi (Partner), Kunal Mimani (Partner), Debayan Sen (Principal Associate), Sanket Sarawgi (Principal Associate), Mahima Cholera (Senior Associate), and Shubhang Tandon (Senior Associate).
