The Indal managers have made it clear that the professional management, "which has won kudos from all sections including shareholders, joint venture partners, the government as well as suppliers and partners", has simply been following the general direction provided by the Indal board.

The Indal board, said a top Indal management source speaking to The Financial Express, had acted explicitly during the Sterlite takeover bid drama at least twice in the past. In line with the recommendations provided by a three-member committee of non-executive directors, the Indal board has recommended to the shareholders that they do not recommend that they sell out to Sterlite, because Sterlite can not bring enough to the table in terms of management values.

The Indal board has also approved that Alcan should hike its equity stake in Indalfrom the present 34.6 per cent to 54 per cent, which would give the Canadian shareholder, the single-largest in Indal, a majority. "The professional managers are simply following the advice of the board, and that is all, there is no other dimension to it," said the top management source. Meanwhile, the Indal Union All India Coordination Committee has come out with a press release, against a press statement by Sterlite on Saturday which had claimed that the Indal workers were against the management.

"We wish to reiterate that such comments are false, malicious and totally baseless. We are united in our stand against Sterlite and totally agree with the recommendations made by the independent committee of directors. The Sterlite offer is not in the interest of Indal, its employees, its shareholders and its stakeholders and therefore should be rejected," says a press release.