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Oct 03, 2011, 01.13 PM IST
Having faced allegations of financial irregularities and siphoning of funds from its minority shareholders, Bhansali Engineering finally has good news filtering in. The Company Law Board (CLB) today refused to entertain any interim relief for the minority shareholders, reports Ashwin Mohan of CNBC-TV18.
Three interim reliefs sought by shareholders, who together hold 14.89% in the company, were rejected by the CLB today. First that the company should be directed not to adopt the annual accounts in the 30th September AGM, second, no further shares should be allotted to the promoters and that the shareholding of the minority shareholders should not be diluted, and thirdly, there shall be a status quo regarding fixed assets of the company.
After hearing the arguments, the CLB observed that it is an admitted fact that the accounts had in fact been sent to all the 12000 shareholders and there were no previous grievances raised as far as they are concerned. The CLB also ruled that any sort of grievances could be addressed by participating in the scheduled AGM.
Additionally, the CLB said that there was no case made out to grant a status quo on the fixed assets of the company and ruled that they do not see any apprehension that Bhansali Engineering was diluting the shareholding of its minority shareholders.
Taking all these factors into consideration, the CLB has ruled that in the absence of any material evidence, no interim relief shall be granted to the minority shareholders. However, what is to be noted is that the main allegations, that’s alleged siphoning of funds and financial irregularities, will be addressed when the case next comes up for hearing on 18th January next year, Mohan concludes
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