The Bombay High Court has upheld the revival of The Svadeshi Mills Company Ltd., which has been in liquidation since 2005, based on a revival plan endorsed by Grand View Estates Pvt. Ltd. and Forbes & Co. Ltd. who together own 53.25% of the shares of the company. The Division Bench called the objection raised by two minority stockholders, owning just 0.07321% of the equity, as an “elitist form of extortion”.
The judgment was delivered by a Division Bench consisting of Justice A. S. Gadkari and Justice Kamal Khata on September 2, 2026, overruling the order passed by a Single Judge in February 2026 and accepting the petition filed by Grand View under Section 466 of the Companies Act, 1956 to obtain a permanent stay…