The Bombay High Court has allowed Future Enterprises to sell its stake in insurance joint venture Future Generali to Italian partner Generali, the company said in a regulatory filing on Tuesday.
A local city court in Mumbai, following objections raised by some bold holders of Future companies, had last month put on hold the plan of the cash-starved Future Enterprises to sell 25 percent of its stake in Future Generali India Insurance Company to Generali for about Rs 1,252 crore.
Future Enterprises filed an appeal with the Bombay High Court, which on Monday set aside the order of the city court, the company said.
"The Appeal along with the Interim Application was listed today (Monday) before ... Bombay High Court. After hearing the Counsels for parties at length, the Bombay High Court was pleased to allow the Appeal and set aside the ex-parte order," Future Enterprise said in its regulatory filing.
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