The ZTL EGM was almost marred with Subhash Chandra and minority shareholder Gautam Shah trading charges against each other.
Shah accused the company of indulging in insider trading, stating that after publication in a national business daily of an article about the proposed launch of a Hindi channel in the US, ZTL share prices rose sharply to Rs 600 from Rs 365. He also pointed out that prices had increased to Rs 400 from Rs 88 between February and April, 1998.
Shah said he had already complained to Sebi.
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Chandra, in turn, accused Shah of trying to blackmail him. "This gentleman is trying to blackmail the company and the management into giving Rs 50, 000. I am not going to pay him and have already lodged a police complaint." he added.
Shah, however, denied Chandra's charges.
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