Delhi HC directs Micromax, Sanjay Kapoor to go for mediation
Justice Nazmi Waziri directed the mediation process to begin on 14 January
New Delhi: The Delhi high court on Thursday directed electronics firm Micromax Informatics Ltd and its former chairman Sanjay Kapoor to attempt to resolve a dispute relating to denial of stock options to him upon termination from the company through mediation.
Justice Nazmi Waziri who heard the case directed the parties towards the possibility of a settlement through mediation process.
Kapoor, in a two-page letter to the company board had, said his termination was timed to deny him stock options. Micromax had formally announced Kapoor’s exit on 1st August.
The company had terminated his employment on the ground that he had got clearance for bills of large amounts towards fuel expenses which was denied by Kapoor.
In this resignation letter, Kapoor had said- “I have lost faith and confidence in the board...Needless to say that I would initiate legal action against the company."
The mediation process is set to begin on 14th January.
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