GHCL board approves resignation of Jain, Capoor

Soda ash maker GHCL today said its board of directors has approved the resignation of Pramod Jain and Jagdish Capoor from the board of the company with effect from April 30 and April 22, respectively.     

The board of directors of the company, at its meeting on April 30, also approved the appointment of Sanjiv Tyagi as an additional director of the company effective from April 30, GHCL said in a filing to the Bombay Stock Exchange.      

The board also took note of financial restructuring of the company through an approved scheme of arrangement.     

Earlier, the company had rejected Jain's request for withdrawal of his resignation as director from April 30.     

 

GHCL Chairman Sanjay Dalmia had accused Jain of talking down the share prices and increasing his holding at the same time, a charge contested by the latter.     

Dalmia had questioned Jain's credibility and said that as per the records he bought GHCL shares between April 17 and April 24, a period during which he was making allegations against GHCL that resulted in lowering of prices of its scrip.     

Claiming that he has over six per cent stake in the company, Jain said that he was appointed on the GHCL board on January 30 this year for three months to enable him access the books for a possible increase in his stake.     

On April 28, market regulator Sebi had barred Dalmia and other promoters of GHCL from the market for discrepancy in promoters' shareholding from March 2008.