Justice S A Bobade of the Bombay High Court adjourned the matter of Zandu Pharmaceuticals Works today. The next date of the hearing would be announced soon.
The promoters of Zandu have filed a petition in the court challenging Emami Ltd's purchase of shares from Vaidyas, the co-promoters of the company. Emami, on the other hand, has sent legal notice to directors of Zandu claiming it has not received the agenda of Zandu’s annual general meeting to be held on August 9, 2008.
The Parikhs moved to the High Court following a failure to get a stay on Emami’s acquisition of Zandu shares from the Company Law Board (CLB). Emami bought 22 per cent stake from the Vaidya family at Rs 120 crore in May this year.
The Parikhs claimed that they enjoy the right of first refusal (RoFR) in the case of sale of shares by the Vaidyas and hence the share sale to Emami was illegal. The Parikhs hold nearly 25 per cent stake currently while Emami holds 27.5 per cent in Zandu.
Following their acquisition of a major stake in Zandu, the promoters of Emami had announced an open offer to buy 20 per cent shares from the market at Rs 7,315 per share. The share price of Zandu, however, was hovering above Rs 16,000 on the Bombay Stock Exchange today.
