Tayal holds over 10% stake in BoR

The shareholder claims that as on September 28, 1998, the date of the last annual general meeting, out of the issued shares of 179,38,132 of Rs 10 each, the total shareholding of Pravin Kumar Tayal andpersons acting in concert with him amounted to 20,97,455, entitling him to exercise more than 10 per cent of the voting rights in the bank.

The list shows that besides Pravin Kumar Tayal, who owns 1,17,550 shares (ledger folio no 4035537) as on September 28, 1998, some of his employees owning more than 100,000 shares are: Abhay Dhumal (1,25,545; LF 4037421), D K Verma (1,30,450; LF 4037420) and Dhirendra Shukla (1,03,250; LF 4037427).Listed among Tayal’s relatives and friends are brother-in-law Devendra Kumar (1,00,000; ledger folio no. 4037430), friend/relative Prashant Ghanekar (107,200; LF 4032640), relative Rakesh Agarwal (1,68,430; LF 4036003), friend Sudarshan Kulkarni (1,00,000; LF 4032647); relative Sudhir Garg (1,23,360; LF 4030536) and friend Sanjeev Nagar (88,940; LF 4032642).PK Tayal’s wife Vandana and father-in-law Somprakash Arya are stated to be holding 97,000 and 58,650 shares respectively. Among Tayal’s companies, Shree Krishna Construction Pvt Ltd and Tradewell Engineering Pvt Ltd hold1,06,170 shares and 1,26,400 shares respectively, the letter points out. Since Sebi regulation 10 of the Takeover Code prior to the enactment of the Amendment Regulations 1998 state that holdings beyond 10 per cent must result in an open offer to the public, the shareholder has pleaded that the acquisition of shares by Tayal be declared "null and void" and appropriate action be taken against him.