Soda ash maker GHCL Ltd has barred its additional director Pramod Jain from attending a board meeting on April 30 saying he ceases to be a member on that day, a claim contested by the official.     

Jain, who also claims to hold about six per cent equity in GHCL and was appointed to the board on January 30, said that he had submitted to the chairman a post-dated resignation to be effective on April 30, but withdrew it later after finding financial mis-management in the company.     

When contacted, a GHCL spokesperson said that Jain had resigned "irrevocably" and it could not be withdrawn as per the legal opinion obtained by them from former Chief Justice of India V N Khare.    

Jain, on the other hand, said that he has also obtained legal opinion from former CJI R C Lahoti, as per which his resignation could be withdrawn.     

The director-shareholder also said that GHCL did not accept the withdrawal of his resignation as he wanted to raise certain issues with the board regarding the irregularities at the company.

Jain further said that GHCL promoters should come out with an open offer to repurchase share from the public shareholders at the same price -- Rs 100-125 a share -- at which they offloaded their shares last year and brought down their holding from 47-48 % to about 18 %. Shares are currently trading at below Rs 30 a share at BSE.     

Jain said that he has also written to market authorities -- SEBI, BSE and NSE -- about the issue and alleged irregularities in the company.     

GHCL is holding probably its first board meeting after the SEBI order on April 30, wherein it would consider the company's quarterly results.

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