The board of the Ahmedabad-based publishing house Gujarat Samachar, which was due to meet today to discuss the next course of action on its holding in Voltas, has deferred its meet to the end of this month.
Bahubali S Shah, chairman of the Gujarat Samachar group said the meeting could not be convened since certain board members had other engagements.
The Gujarat Samachar group had created a stir when it declared that it had picked up 44 lakh shares or 13.3 percent of the equity capital of Voltas from the market over the past few months. This raised the possibility that India Inc could see yet another takeover battle if the group hiked its stake to 15 per cent and then made an open offer.
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The Tatas, the promoters of Voltas, hold just over 20 per cent stake in the company and is planning to hike it through creeping acquisition.
Shah had earlier said the Gujarat Samachar group had accumulated profit of around Rs 200 crore over the last three years and bank deposits of over Rs 140 crore. Hence, funds in case of a takeover battle would not be a constraint.