Pricol gets relief from Madras High Court in tussle with Minda Corp

Auto components maker Pricol Ltd on Thursday said it has moved the Madras High Court challenging the validity of the application of rival Minda Corporation to the Competition Commission of India to acquire a 24.5 per cent stake in it.

Minda Corporation had earlier this month decided to approach the CCI to increase its stake in Pricol to up to 24.5 per cent, following the acquisition of a 15.7 per cent stake by purchasing over 1.91 crore shares of the latter from the open market on February 17, 2023.

In a regulatory filing, Pricol said it has filed a writ petition before the Madras High Court in connection with Minda Corporation Ltd's (Minda's) application to the CCI.

The petitions challenged the validity of the application of Minda to the CCI, for making investment in equity shares of Pricol Ltd up to 24.5 per cent of total equity shares, it added.

The Division Bench of the High Court on May 24, 2023 "admitted the writ petition and restrained by way of an interim order, the taking