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Journalism of Courage
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This is an archive article published on March 8, 1998
Sterlite keeps away from Indal panel
MUMBAI, MARCH 6: The Sterlite management has chosen not to appear before the committee of independent directors set up by the board of India...
MUMBAI, MARCH 6: The Sterlite management has chosen not to appear before the committee of independent directors set up by the board of Indian Aluminium Indal on Thursday as had been requested by an Indal non-executive directors8217; committee.
The panel will recommend a line of action to the Indal board of directors, which in turn will make a recommendation to Indal shareholders as to which open offer to respond to. It is learnt that the Sterlite management were quot;unavailablequot;. However, they are likely to make a presentation before the committee sometime between March 9-12.
The chiefs of all the financial institutions met in Mumbai on Friday to take a collective view on the spate of mergers and acquisitions that has swept the Indian industry.
Indal8217;s top management has met the financial institutions as it has always done, even before the controversy broke to explain the qualities of the managements.
The head of Indal8217;s committee of independent directors, the company8217;s non-executive chairman Susim MukulDatta had earlier stated that the committee needs to understand from the Sterlite management the motive behind its open offer for a 20 per cent stake in Indal.
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