CLB ruling forces Javeris to exit IFB

 The Javeris, who had made a fortune by picking up cheap stocks and selling them dear to managements, sold their entire IFB stake in two tranches.

 They sold 6.65 lakh shares, representing 4.99 per cent stake, on Monday, and 13.21 lakh shares, representing 9.36 per cent stake, on Tuesday.

 The decision to sell the shares, which were held by Hitesh Ramji Javeri and his associates namely Radhabai Ramji Javeri, Harsha Hitesh Javeri and Ramji Pragji Javeri, was preceded by a CLB verdict on Monday.

 Sources said the Javeris informed the exchanges about the stake sale. Hitesh Ramji Javeri declined to talk on the issue.

 IFB executive chairman Bijon Nag was not available. Executive director Gautam Dasgupta refused to divulge details.

 The victory of the IFB promoters may bring cheer to family-managed business companies, which are seen as soft targets for predators.

 A promoter of a family-managed company said the Nags proved that takeover attempts could be thwarted, if proper steps are taken in time.

 A cash-rich businessman, on the other hand, opined that the CLB verdict showed that the corporate structure favoured the promoters irrespective of their performance.

 The Bijon Nag-controlled management of IFB went to CLB in August last year challenging the Javeris acquisition.

 CLB partially freezed Javeris