The corporate battle between Zandu Pharmaceutical Works and Emami has now shifted to the Company Law Board (CLB).
In its order dated August 7, the Bombay High Court directed CLB to decide on Zandu’s application, a notice issued by Zandu today to the Bombay Stock Exchange said.
Zandu had approached the Bombay High Court, asking CLB to look into its allegations of a breach of the takeover code and non-compliance with the MRTP laws.
The promoters of Mumbai-based Zandu had also challanged the Vaidya family’s 24 per cent stake sale to Emami and said they had the first right of refusal. Emami too had petitioned to the Zandu promoters, complaining that they had not received the agenda of the company’s scheduled annual general meeting.
Zandu has challenged the acquisition of the company’s shares from the Vaidyas on grounds that it is a gross violation of variuos laws such as the Takeover Regulations, 1997, the Sebi Insider Trading Regulations, 1992, and the Companies Act, 1956.
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