The board of directors of Larsen & Toubro (L&T) have deferred a decision on the cement division demerger to the next board meeting, which will be shortly convened.
Both nominees of the Aditya Birla group, chairman Kumar Mangalam Birla and Rajshree Birla were present at the meeting, held on Saturday.
The date of the next meeting will be decided in about a week, sources close to the development said.
The decision to defer a decision on the demerger issue was taken in view of a consensus among board members that more time was needed to study the demerger proposal for the L&T cement division.
However, industry sources feel it will buy some time for the Birlas, whose open offer for L&T has recently been put on hold by the Securities and Exchange Board of India.
L&T, which has for long put the demerger issue of its cement division on hold, had recently revived it.
The Birla group
