NCLAT junks plea of Liberty Shoes's former CEO seeking ease of norms to sue firm

The NCLAT has dismissed Adesh Kumar Gupta's petition seeking exemption from minimum shareholding norms to file a case of oppression and mismanagement against Liberty Shoes. Gupta, who holds 5.83% shares, was removed as CEO and executive director. The tribunal upheld the NCLT's decision, stating no exceptional circumstances were presented for a waiver.