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Former Micromax chairman Sanjay Kapoor may file claim up to Rs 700 crore against company

India TV Tech Desk 18 Apr 2016, 18:36:34 IST
India TV Tech Desk

New Delhi: Former Micromax chairman Sanjay Kapoor may file a claim of Rs 600-700 crore against the company for wrongful dismissal, according to reports.

Report says that Micromax confirmed the panel had been formed after Kapoor invoked the arbitration clause. It is likely that a three-member tribunal will be headed by former Supreme Court judge BP Singh along with Devinder Gupta, former Andhra Pradesh High Court chief justice and VS Agarwal, former Delhi High Court judge. 

As per his employment contract, Kapoor is said to be entitled to 3.5% of the company's total value under an employee stock option plan and a 1.5% bonus, says report.

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The Ex- chief executive officer Sanjay Kapoor was hired in June 2014. He previously worked with Airtel. Along with him other senior executives were also taken on board to professionalise the management.

In September 2015, Kapoor moved to the Delhi High Court against Micromax for not paying him the value of shares he said were due. He also challenged the ouster and moved the court to assign a sole judge to decide the dispute between him and Micromax. The Delhi High Court had earlier this year asked both parties to resolve the argument and appointed a mediator in January.

The dispute is pending in the Delhi High Court and will next be heard on May 13.