For instance, a few years ago, C R Bhansali, whose financial conglomerate had collapsed like a pack of cards in the mid-1990s, had attempted to make a comeback through a similar court order. At that time, a Delhi court had ordered the Reserve Bank of India to waive its regulatory requirements to facilitate the revival of CRB. Naturally, this had the support of CRB’s many stakeholders since it was their only hope of getting their money back. The court issued its orders based on the support of these stakeholders without considering the damage to the financial system. RBI had filed an appeal against the order and, although one does not know what happened to the case, the CRB group has certainly not managed to resurrect itself.

The Haryana-based Vikas WSP is another notorious company that could be in line to follow the Dunlop route. The company has been severely indicted by the Company Law Board on several counts of mismanagement and worse, and its shares are delisted by the bourses since 2001. Yet, a large group of investors headed by a senior army officer (retired) is lobbying hard for its revival and re-listing since the company is making money and they are the only losers in the de-listing process.

The company makes edible gum used in ice creams and the commodity attracts suspiciously high trading volumes on India’s commodity futures bourses. In this case, investors’ anxiety is completely understandable; but is the re-listing of a company, with the same questionable family-owner management the answer? One of these days, this issue too could lead to another strange judicial order.