Business   

No violation of Companies Act: L & T

MUMBAI DEC. 10. Larsen & Toubro today said it had not violated any provisions of the Companies Act and the takeover code while pursuing its proposal for demerger of the cement division.

Reacting to the legal notice sent by Grasim Industries to L&T challenging the latter's move to hive off the cement division into a seperate comany, L&T's senior officials, when contacted, said, "we have complied with all legal formalities.'' They said the company board would continue discussion on the demerger proposal at the next meeting as it remained inconclusive on the December 7 meeting. A fresh date for the board meeting is yet to be decided, they added.

According to market sources the proposal includes selling of more than 6 per cent stake to the U.K.-based financial investor CDC. While some directors received the legal notice served through Grasim's lawyers, Mulla & Mulla, on December 6, which was a holiday for Eid, the company noticed it only the next day when the board was scheduled to meet later in the day, officials said.

PTI

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• RBI asked to study easier credit flow to SSIs
• Pivotals stage rally
• SEBI panel for single regulation for MBs
• Ranbaxy to launch new anti-biotic in U.S.
• Ashok Leyland Nov. sales rise 12 p.c.
• Telco CV sales up 32 p.c. in Apr.-Nov.
• No violation of Companies Act: L & T
• Samsung to set up refrigerator plant
• Change the mindset of civil services — Holmes
• Stock Market Index
• Exchange rates
• Bullion rates
• Board nod for ALL write-off plan
• Intelligroup's solution for Riyadh firm
• HLL gesture for quake victims
• Telco hikes stake in Singapore JV
• ITC forays into formal wear
• Mumbai to host Fastener Expo

Copyright © 2002, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu