Court urged to restrain Chhabria group from voting

MUMBAI, MAR 3: The Mumbai High Court was today urged to restrain the Kishore Chhabria group from exercising voting rights in regard to re...

MUMBAI, MAR 3: The Mumbai High Court was today urged to restrain the Kishore Chhabria group from exercising voting rights in regard to removal of six directors, including chairman Vijay Mallya, from the board of liquor company Herbertsons Ltd.

Justice H L Gokhale is hearing a suit filed by a major shareholder of Balaji group, Srinivasalu Reddy, who challenged the alleged acquisition of 21 per cent shares of the company secretly in addition to the 26 per cent already offered by Mallya to Chhabria group.

The suit claimed that initially Mallya had offered 26 per cent shares to the Chhabria group which in return bought a stake in BDA Ltd (formerly BDA Breweries and Distilleries Ltd) making it a subsidiary of Herbertsons Ltd.

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It was contended that acquiring 21 per cent additional shares by Chhabria group was in violation of provisions laid down by Securities and Exchange Board of India (SEBI).

Counsel for the plaintiff, F Nariman, argued that such acquisition of shares was an attempt to override the Sebiprovisions. Besides, he said, the regulatory body was of the prima facie view that the alleged transaction had violated SEBI Act.

PM Modi offers condolences, Kurnool bus fire tragedy

PM Modi announces Rs 2 lakh ex gratia for families of victims, Rs 50,000 for injured

India32 min ago

Prime Minister Narendra Modi Friday expresses deep condolences to those affected in the Kurnool bus fire tragedy that claimed lives of at least 12 people. He also offered an ex gratia of Rs 2 lakh from PMNRF that would be given to the next of kin of each deceased. The injured would be given Rs 50,000.

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