Supreme Court admits nephew's appeal in Gharda Chemical Case

MUMBAI: The Supreme Court on Wednesday admitted the appeal of Darius Kavasmaneck against his uncle and Gharda Chemicals’ chairman Keki Gharda objecting to the elder Gharda’s attempt to sell his stake in the company.

The Supreme Court division bench comprising Justice Altmas Kabir and Surinder Singh Nijjar admitted Kavasmaneck’s appeal and restrained Mr Gharda to selling or transferring shares directly or indirectly till final order comes.

In this case, Mr Gharda is willing to sell his 65% stake in the company, Mr Kavasmaneck, MD of Western Chemical who holds 33% in the company, claimed the right of first refusal for the shares. In mid-June, the Bombay High Court has dismissed an application filed by nephew, but gave him six week’s time to file an appeal in the Apex Court.

“Mumbai headquartered United Phosphorus and couples of private equity companies are interested to acquire Gharda stake,” said person familiar with the development. “The valuation of the entire company is around Rs 3000 crore,” said the same person.

Delhi based Agarwal Law Associates is representing Mr Kavasmaneck, while Gharda Chemical is being represented by Parekh & Co.