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.

Who it concerns: 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.

What the court decided

• 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.

Also in the document

• The Court noted that NP has deposited Rs. 225 Crores in cash and title deeds for 37 acres of land (claimed value approx. Rs. 400 Crores) towards the security requirement.
• The interim orders are currently absolute until the final disposal of the matters.
• The Appellant disputes the value of the land deposited by NP.