BIFR empowered by express provisions of SICA to curtail the rights of shareholders

Relevant Extracts : The Appellant, a State level institution incorporated for the purpose of development of industries in the State, was an equity shareholder in the Third Respondent Company. The company was referred to the Board For Industrial Reconstruction (BIFR) for the purpose of framing a scheme for rehabilitation. The Board approved the draft revival scheme and circulated the scheme seeking suggestions and objections of the shareholders including the Appellant. The Appellant objected to the scheme on the ground that it would adversely affect its rights as its equity shareholding was sou...