Supreme Court maintains status quo on Matrix, Tianish, NP assets
The case involves Ras Al Khaimah Investment Authority (RAKIA) seeking to enforce a UAE court decree against Nimmagadda Prasad (NP) and related entities (Matrix, Tianish, etc.) for alleged misappropriation of funds, while challenging the dismissal of contempt proceedings and the approval of a merger between Matrix and Tianish.
Appellants: Ras Al Khaimah Investment Authority (RAKIA); Respondents: Matrix Pharmacorp Private Limited, Tianish Laboratories Pvt. Ltd., IQuest Enterprises Pvt. Ltd., Moschip Technologies Ltd., and Nimmagadda Prasad (NP); Bench: Justice V. Mohana.
- Leave granted in all Special Leave Petitions.
- All appeals taken up and heard together.
- Interim order dated 15.10.2025 made absolute until final disposal, maintaining status quo regarding transfer or creation of third-party rights in assets of Matrix, Tianish, NP, Swathi Gunupati Reddy, and Venkata Pranav Reddy Gunupati.
- Direction issued on 12.02.2026 and 25.02.2026 for NP to furnish security of INR 600 crores.
- Interim order modified on 16.03.2026 to allow respondents to operate assets in the normal course of business, provided immovable assets are not disposed of without leave of the Court.
- Status quo extended to Moschip Technologies Ltd. on 11.05.2026, specifically regarding share swapping or transfer of shares.
- Moschip Technologies Ltd. impleaded as a party.
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Document details
| Official title | Clarificatory Statement Does Not Qualify As Binding Undertaking For Contempt: Supreme Court |
| Source body | Supreme Court of India — orders & judgments |
| Reference number | — |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |