Ashiwin S. Mehta & Anr vs Union Of India & Ors

The Supreme Court upheld the Special Court's order allowing the Custodian to sell 54,88,850 shares of Apollo Tyres Ltd. at Rs.90/- per share under the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992. The Court emphasized that the Custodian was authorized to manage and sell the shares of notified parties, and the objections raised by the management of Apollo regarding ownership and violation of the takeover code were overruled. The Court affirmed the procedural norms established for the sale of controlling block shares, ensuring compliance with the statutory framework.