Kesoram Industries refutes allegation of short-changing public shareholders

Basant Kumar Birla-promoted Kesoram Industries on Thursday refuted all allegations of "short-changing" public shareholders and listed the steps taken by the management to save the company from becoming sick or potentially sick over the past few years. 

Minority shareholder Janardan Kothari had made the allegations at the company's annual general meeting. Subsequently, stock exchanges had sought a clarification based on reports.  

In a seven-page response, the company said that allegations that the promoters had made a profit at the expense of its public shareholders were unfounded, when, in reality, the promoter group had continuously infused funds into the company