The government’s move to merge NSEL with its parent FTIL has already raised the eyebrows of minority shareholders and legal experts. One of the minority shareholders, Ravi K Sheth, ED, Great Eastern Shipping Co who owns 5.34 per cent stake in FTIL said that he has asked his lawyers to have a look at the order in order to decipher its implications and suggest on the way forward.
An email sent to Blacktone, which owns 7.02 per cent stake in FTIL, went unanswered.
A former Sebi official said that the decision is not logical and is unfair to minority shareholders. “Only a few majority shareholders have a say in the decisions and other shareholders should not be made to suffer,” said the official who did not wish to be named. Sandeep Singh