A bench of Justice MR Shah and Justice Krishna Murari dismissed the plea, saying it was a “prudent determination”.
“They took the suitable determination… Within the inventory market, it occurs as a result of the costs go up on in the future and are available down on the opposite. The public sale is a prudent determination. We’re of the opinion that the process adopted was the suitable and clear one,” the court docket stated. he stated.
On June 13, the Calcutta Excessive Court docket dismissed the petition of Chowdhury, chief of Congress within the Lok Sabha, asking for a probe into the stake sale. The Excessive Court docket dismissed the PIL promoting the stake as neither unlawful nor arbitrary.
Choudhary had alleged that the state authorities bought its stake in Metro Dairy at a really low value with out following any clear course of and with none justifiable motive.
The Excessive Court docket was knowledgeable that NDDB had bought its stake to ICICI Financial institution, which was then acquired by Kventor Agro and by taking up the state authorities’s share, Kventor had 100 per cent stake in Metro Dairy.
The petitioner had submitted that 47 per cent shares of Metro Dairy have been bought to Kventor Agro for Rs 85.5 crore, following which the corporate bought 15 per cent shares to Mandla Swede SPV for Rs 170 crore.