BSL Ltd, the Churiwal-Jhunjhunwala managed textile company, has appointed two additional directors on its board.
The incumbents, Shekhar Agarwal and Riju Jhunjhunwala, belonging to the Delhi-based Jhunjhunwala group have been opted by the board late last month. The Churiwals are based in the city.
The induction take place at a time when the promoters, who are related by marriage and have been running the company since inception, are facing a takeover threat by the city-based Sarda group.
A section of corporate watchers believe the promoters brought two more directors on the board to outnumber a Sarda-nominee, if such situation arises at all. The Sarda group, which acquired 11.86 per cent in the company through open market operation, is planning to ask for a berth on the board. The combined holding of promoters stands at 34 per cent.
Another section, comprising the family managed companies, have a different interpretation of the BSL move. They said the development indicated that the Jhunjhuwalas
