Zandu AGM cancelled

Zandu Pharmaceuticals, an ayurvedic drug maker, cancelled its annual general meeting (AGM) following a court order restraining the company from holding the meeting, which was scheduled for today. A number of shareholders and journalists came for the company’s 89th AGM as they weren’t aware of the court’s restraining order.

Zandu is trying to stave off take-over efforts from Emami, whose stake in Zandu increased to over 27 per cent through the purchase of shares from the Vaidyas (Zandu’s co-promoter family).

A Calcutta court on September 20 passed an ex-parte order restraining Zandu from holding the shareholders meeting. “The copy of the order was served on the company only today,’’ an unsigned note circulated to the people gathered around the venue said, without giving any more details.

Zandu is trying to stave off take-over efforts from Emami, whose stake in Zandu increased to over 27 per cent through the purchase of shares from the Vaidyas (Zandu’s co-promoter family).

The Mumbai-based Zandu had earlier postponed its AGM that was scheduled for August 9, after the Bombay High Court asked the Company Law Board to look into the corporate battle between Zandu and Emami and give its ruling in about a fortnight.