CLB restrains HL asset sale

NEW DELHI, Mar 21: The Company Law Board (CLB) has restrained Vijay Mallya-controlled Herbertsons Limited (HL) from sale of any assets while refusing to give an interim injunction against Mallya.

Alleging siphoning off of funds by UB Ltd from Herbertsons, M D Chhabria had sought interim reliefs including appointment of an administrator and removal of Mallya as chairman from HL.

The CLB, in its interim order yesterday, also asked the company to give seven days’ notice to directors with full agenda before convening its board meeting. The order is to ensure that no prejudicial decisions are taken in the board meeting and seven days advance notice should be issued with full agenda to deal normal business course, CLB interim order said.