Fis To Quiz Gujarat Ambuja

Financial institutions (FIs) are expected to raise the issue of GACL taking management control of ACC at GACL's forthcoming board meeting. The FIs hold around 34 per cent in ACC.

According to sources, the institutions decided to question the GACL management after the company factored in ACC's capacity in a presentation to FIs.

The induction of GACL managing director Narottam Sekhsaria as deputy chairman of ACC is also expected to be taken up.

However, top GACL executives denied any knowledge of FI reservations on Sekhsaria's appointment.

"During the recent GACL extraordinary general meeting, the FI nominees did not raise any objections," they said.

 

FI sources said the institutions had been given to understand that Sekhsaria has been inducted on the ACC board without any whole-time responsibilities. "However, we will review the matter at the GACL board meeting", an FI source said.

As per the agreement with the Tatas, GACL is expected to buy the Tatas' remaining 7 per cent stake in ACC before March 31 to complete the transaction.