No auction of ACC, Bom Dyeing shares on Aug 22

The custodian under the special court appointed to sell the late Harshad Mehta's shares has decided not to put Associate Cement Companies (ACC) and Bombay Dyeing shares up for auction on August 22.

Apparently, some multinational cement companies had showed interest in picking up the ACC shares.

Mehta's ACC shares account for over 11 per cent of the total equity of ACC's equity, including benami holdings, according to the ACC website.

Likewise, the custodian has also decided not to auction Mehta's Bombay Dyeing shares. Informed sources said that these could be picked up by raiders.

Officials close to the custodian told Business Standard, "The late Mehta's ACC and Bombay Dyeing shares are controlling blocks. We have decided not to put them up for sale now owing to some court related issues."