India, Sept. 9 -- In a significant victory for Peerless General Finance and Investment Company Limited, the Supreme Court on Tuesday declined to interfere with the judgment of the National Company Law Appellate Tribunal (NCLAT) and dismissed the appeal filed by Bhagwati Developers Private Limited (BDPL) in a dispute over the transaction of shares. The dismissal of the plea of BDPL brings to an end one of India's longest-running corporate disputes, which has continued for more than three decades.

A bench of Justices P S Narasimha and Alok Aradhe dismissed the petition filed by the BDPL and refused to interfere with the April 16 order of the NCLAT. Senior advocate Harish Salve, assisted by advocates Arunabha Deb and Ashika Daga, represente...