Sources in the Chandrashekhar camp said that a petition against the order would be filed in a day or two after a team of lawyers was put together for this purpose.
Nambiar had alleged that Chandrashekhar, his son-in-law, had gained control of a 32 per cent stake in BPL Communications without infusing any equity capital in the company.
Chandrashekhar's petition is likely to argue that as both the operating companies, BPL Mobile Communications and BPL Mobile Cellular, had achieved financial closure, there is no question of him not bringing his share of equity capital into the ventures.
"Bankers like ICICI Bank and IDBI Bank have an exposure to the two projects. They wouldn't have allotted funds without doing their due diligence," the sources said. "Between BPL Communications and its two subsidiaries, there is an equity investment of Rs 1,800 crore (Rs 18 billion)."
In BPL Communications, around 65 per cent is held by the Nambiar family, including Chandrashekhar, while some FIIs hold the rest. This holding company owns a 100 per cent stake in BPL Mobile Cellular and a 74 per cent stake in BPL Mobile Communications with France Telecom holding the remaining 26 per cent.
The petition filed in the CLB had alleged that Chandrashekhar, with the help of three investment companies owned by him -- Vectra Holdings, Surya Samudra Finance Private Ltd and Epsilon Advisor Private Ltd —had
As per the petition, Chandrasekhar had acquired control over Epsilon Advisor Private Ltd, which was originally promoted by the BPL group, through "convoluted transactions".
It also alleged that Surya Samudra Finance Private Ltd, incorporated in 2000, was allotted 5.69 per cent shares of BPL Communications through a rights issue in 2002, which did not result in flow of funds into the company.
The CLB on Monday gave an interim order for maintaining the status quo with respect to the shareholding pattern and inspection of the statutory records of all the six companies, including those in the BPL mobile group and the three investment companies owned by Chandrasekhar.
The next hearing would be in January, where the court would decide on other demands made in the petition. The petition has asked for removing Chandrasekhar from the board of the three companies in the BPL mobile Group, and to restrain him from becoming director of any other company.
It has also asked for the removal of existing directors from the boards of these companies and the appointment of the nominees of the BPL Group, instead.
The prayer to the petition has also demanded that Chandrasekhar and the three investment companies should be restrained from taking any policy decisions with respect to the BPL Mobile Group.
