Coimbatore-based Pricol has filed a writ petition in the Madras High Court against Minda Corporation.
This is to challenge the validity of its application to the Competition Commission of India (CCI) seeking an increase in its investment in Pricol to 24.5%.Minda Corp had sought CCI's permission a few weeks ago.
The Division Bench of the Madras High Court has, on May 24, admitted the writ petition. It has restrained, by way of an interim order, the taking on file and/or adjudicating Minda Corp’s application to CCI.
It may be recalled that the conflict began with Minda Corporation acquiring 15.7% of Pricol through an open market deal, for a consideration of INR 400 crore, on February 17 this year. Since then, speculation has been rife that this is the beginning of a larger takeover plan.