Tycoon Mohan Galot has won a 30-year-old court battle against Standard Chartered after the Court of Appeal ruled that the lender was wrong in appointing receiver managers to run his business over a loan in 1990.
A bench of three judges faulted the lender for appointing A.D. Gregory and C.D. Cahill as managers in September 1990 to run Manchester Outfitters Ltd (now known as King Woolen Mills Ltd) and Galot Industries.
