NTC alleges Paharpur bid to take over Swadeshi Polytex
Kohinoor Mandal
Calcutta, Jan 20: The National Textile Corporation on Tuesday accused Paharpur Cooling Towers Ltd of trying to "grab control" of Swadeshi Polytex Ltd, a Kanpur-based nationalised mill in which NTC controls the largest stake of 34 per cent.NTC said the Swarups of Paharpur, who hold around 24 per cent, were trying to control the board by inducting extra directors and by winning over chairman and managing director PN Veda Narayanan by extending his term. Gaurav Swarup, director of Calcutta-based Paharpur Cooling Towers, declined to comment on NTC's charges, saying that the matter was sub-judice. However, industry sources said NTC's ire follows its failure to install Suresh Kapur as chairman and managing director. Kapur, now managing director of Hindustan Vegetable Oil Corp, had at one time been a contender for the NTC chairmanship. NTC said it had opposed the extension of Veda Narayanan's term, as well as the induction of three directors, at the 27th annual general meeting on December 5 last year. The AGM
was adjourned when NTC demanded a poll. NTC alleged that, after the poll on December 8, SPL delayed announcing the results. "The intention of Swarup Group from the beginning was to seize control of the company. It has been making attempts to achieve this intention. Knowing that NTC has refused the extention of tenure of Veda Narayanan after cessation of his tenure of three years on August 16, 1997, Swarup Group induced him by proposing his extension for two years," NTC said in a release. NTC alleged that the Swarups "illegally" inducted A K Mukhopadhyay, S Natarajan and H S Dubey as additional directors despite its objections. NTC reacted on Tuesday, when SPL published the results of the poll in a leading Delhi newspaper. The company said SPL had violated an agreement to discuss the matter at the adjourned AGM. Denying NTC's charge, Swarup pointed out that the published notice makes it clear that no action will be taken without the permission by the Delhi high court.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
|
