Promoters aim to hike stake; Dalmia’s stake over 25%
GHCL's 26th annual general meeting that was held today in Ahmedabad has put to rest the controversy about the promoters losing controlling stake in the company. In all about eight resolutions were passed with thumping majority of 96.94 per cent votes.
"A handful of people who would have close to one per cent holding in the company have tried to create hurldles at the meeting on some personal agenda. They tried to oppose for the sake of opposition. However, the shareholders have stood by us and this can be seen by the stunning results we have got at the AGM," said Sanjay Dalmia, chairman of GHCL.
While refusing to disclose his share in the company, Dalmia said that he along with his friends and relations are in a very comfortable position and he has over 18.5 per cent that has been reported in the media. "Like any other promoter we looking at increasing our stake in the company," he added.
Sources privy to the development said that Dalmia currently holds over 25 per cent stake in the company.
Pramod Jain, Director of Pranidhi Ventures, who reportedly holds about 5 per cent stake in GHCL recently told a television channel that he has no intentions of making an open offer for GHCL in near future. There were also speculations of a hostile takeover by Jain.
"One of the shareholders who held about 3 per cent stake in the company demanded to have a poll even for a 20 per cent dividend proposed by the promoters. The resolution was voted in favour of the promoters by 99.96 per cent votes," said Raman Chopra, Chief Financial Officer of GHCL.
Jain did not turn up at the AGM and was representated through a proxy, sources said. A major producer of soda ash, GHCL had earlier planned its board meeting in November however it rescheduled it to December. In April, a Securities and Exchange Board of India (Sebi) order had barred Dalmia and two other senior company officials from trading on Indian exchanges following charges of inflating promoters’ shareholding in quarterly filings to exchanges.
Jain had accused GHCL’s promoters and top management of "dubious" dealings. calling for for an inquiry by the Company Law Board and the Ministry of Corporate Affairs. GHCL executives had turned down his allegations. The SEBI ban was lifted on Dalmia and his two colleagues in August.
