New Delhi, June 25 -- A Delhi court has temporarily stayed the proposed rights issue of Advik Laboratories following a petition by Fairplan Distributors Pvt. Ltd., a significant shareholder in the company.

Fairplan Distributors sought urgent intervention to prevent the rights issue from proceeding pending examination of serious allegations concerning the affairs of the company.

The Patiala House Courts granted an ad-interim ex parte injunction, observing that a prima facie case existed and restraining the company and certain defendants from proceeding with the fundraising exercise.

As a result, Advik Laboratories has been restrained from progressing with key stages of the rights issue process, including regulatory filings, circulation ...