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| Guj NRE claims Rs 4,761-cr damages |
| BS Reporter / Kolkata Aug 14, 2008, 00:08 IST |
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Gujarat NRE has claimed Rs 4,761 crore as damages in a civil suit filed in the Calcutta High Court against Austral Coke and Projects (Austral), its directors, auditors, merchant bankers and others associated with the latter's initial public offer (IPO).
Gujarat NRE's suit has added another twist to the family feud between the Jagatramkas, the Gujarat NRE Coke promoters, and Ratan Lal Tamakhuwala, who owns Austral Coke.
"The company has taken serious objection to Austral Coke's use of the Gujarat NRE Coke name in a distorted and misleading way to sell its issue to public investors," Gujarat NRE said in a release.
Gujarat NRE said before the high court that by using its name, Austral Coke has severely damaged the reputation of Gujarat NRE Coke, leading to a loss in its market capitalisation and shareholder interest, for which it has sought compensation.
Gujarat NRE Coke has also sought a declaration from the high court that there is no family relationship and an injunction, restraining the Austral promoters from terming the matter as a family dispute.
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