Rs To Pass Irda Bill Today

The Kishore Chhabria faction will not agree to the UB group's proposal to merge Herbertsons with McDowell. "We currently hold a 51 per cent stake in Herbertsons and it is highly surprising that UB is planning a merger of Herbertsons with McDowell . This is especially so in view of the fact that several major issues are currently sub-judice,'' a Chabbria spokesperson said. "Since we have a majority control, how can they unilaterally decide on the merger . There is no question of Chhabrias selling their stake, and hence the merger will not work out, he added. It may be recalled that the Chhabria faction had over time hiked its stake in Herbertsons to over 51 per cent and a case over whether the KRC faction had violated the takeover code while hiking the stake is currently being heared in the Mumbai High Court.

The Chhabria faction is also seeking transfer of a disputed around 7 per cent holding in Herbertsons which the company has refused.