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GHCL: Another Hostile Takeover Brewing
This could be history in making for corporate India. In yet another twist to GHCL story, some shareholders are seeking replacement of Mr Sanjay Dalmia, Chairman of GHCL as Director of the company.
CNBC-TV18s Research Analyst, Raja Rajeshwari : This could be history in making for corporate India. In yet another twist to GHCL story, some shareholders are seeking replacement of Mr Sanjay Dalmia, Chairman of GHCL as Director of the company. GHCL received Sec 257 notice to challenge the directorship of Sanjay Dalmia, P K Laheri & G C Srivastava from Mr K K Rao, Mr K K Khadaria & Mr Pradeep Dixit as director of the company.
This clearly is an attempt to make a hostile takeover by thwarting Mr Sanjay Dalmia from day-to-day operations of GHCL.
As CNBC-TV18 was first to report that promoters are facing problems from every angle. Promoters stake came down from 47% to 40% in last quarter, company's stake sale plan with Al Rostamani has likely fallen off, informed investors have been accumulating stake in the company at lower levels, several high net worth investors holding GHCL stock have been approached for proxy ahead of AGM and reports of family feud have been circulating in the press.
All this indicates that informed people are building up their position and getting ready for big day i.e GHCL AGM on Sep 12 where in it will be ultimately decided that whether Mr Sanjay Dalmia will continue as director or not. It will not be less than any assembely where in the voting rights will ultimately decide future of Mr Sanjay Dalmia.
