In a major relief to the US-based $85 billion private equity firm Lone Star Funds, the estranged joint venture partners in RattanIndia Finance Pvt Ltd have amicably decided to appoint a new chief executive officer within two working weeks and a new chief financial officer within eight weeks.
Last Thursday, LSF 10 Rose Investments, a subsidiary of Lone Star Funds and an investor in the company, and its joint venture partner Rajiv Rattan agreed to certain interim measures until the Delhi bench of the National Company Law Tribunal finally decides on the matter.
“The board shall meet and decide on the appointment of the CEO within two working weeks from June 11, 2021,” a bench comprising judicial member PSN Prasad and technical member Narender Kumar Bhola said in an oral order. “Both the parties shall strictly follow Article 140 of Article of Association, in appointing CFO. The process shall be completed within eight weeks.”
