Divestment Move By Vikrant Tyres Fails
The differences among various financial institutions holding a stake in the company have led to the postponement of passing the special resolutions to an adjourned AGM on October 7, 1996.
The company board has clarified that this has been done under Article 78 of Company Affairs laws.
The 22nd annual general meeting of Vikrant Tyres (VTL) could carry only the ordinary resolutions which also witnessed fierce protest by shareholders against the privatisation move of the company board.
The CMD of VTL, K K Misra, informed the shareholders at the AGM that Karnataka State Industrial Investment and Development Corporation Ltd (KSIIDC), which holds the majority stake in the company of about 43 per cent, had proposed to hold the special business at an adjourned AGM on October 7.
None of the board members were interested now at the resolutions and number of discussions are taking place. Financial institutions are still discussing the proposals. So, till a consensus is reached, as some are against it, while some are for it, we