The Company Law Board (CLB) has stayed the September 27 annual general meeting (AGM) of basmati rice exporter Kohinoor Foods, which is allegedly facing a hostile takeover from its Mumbai-based rival Temptation Foods.
“Considering the facts and circumstances of the case, the AGM scheduled to be held on September 27, 2008 is hereby deferred till further orders,” said CLB Member Vimla Yadav, passing the order on an application filed by Temptation Foods and other shareholders. The company has acquired around 30 per cent stake in Kohinoor.
In its scheduled AGM, Kohinoor management had proposed to appoint a new director to replace retiring Satnam Arora, and reappoint Jugal Kishore Arora from the promoters family who have around 35 per cent shares.
The CLB also directed the company not to convene any further meeting till its further order. “It is hereby ordered that no shareholders’ meeting shall be convened and held till the disposal of this petition in view of the deferment of the AGM,” said CLB.
