Date:06/01/2005 URL: http://www.thehindubusinessline.com/2005/01/06/stories/2005010602520200.htm

Back BPL Comm shareholding — Nambiar urges CLB to help maintain status quo

Our Bureau

New Delhi , Jan. 5

THE high-tension courtroom drama between the patriarch of the BPL group, Mr T.P.G. Nambiar, and his son-in-law, Mr Rajeev Chandrashekhar, which began last year, is set to continue into the New Year.

Mr Nambiar, founder of the BPL group of companies, and others today requested the Company Law Board (CLB) to direct Asia Pacific Systems and Essar Teleholdings to maintain status quo in their shareholding pattern in BPL Communications Ltd.

They also requested the board to direct to implead these companies as well as France Telecom and MediaOne Cellular Investment Company as parties in the case.

The CLB Principal Bench comprising the Chairman, Mr S. Balasubramanian, directed BPL Communications, Mr Chandrasekhar, and others to file their reply to the applications giving a later date for hearing the matter.

Mr Nambiar and others have also moved an application to determine the jurisdiction of the board in the case.

They have sought interim orders from the board on many issues including one on restraining the company from transferring or alienating any assets.

Last December, the Supreme Court had prohibited shareholders in BPL Communications from disposing of their shares.

It had also said that CLB may pass interim orders on various issues in the case.

The apex court had passed the order on a special leave petition moved by Mr Nambiar alleging that Mr Chandrasekhar was dealing in the shares of the companies through a complex process and acquiring control of mobile business of the group against the orders of the Karnataka High Court.