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April 6, 2001
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Money > Business Headlines > Report April 6, 2001 |
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Bajoria to appeal against quashed plea in Sebi caseKausik Datta Jute baron Arun Kumar Bajoria is gearing up to go for an appeal before the Calcutta High Court challenging its previous order dismissing the writ petition filed by him seeking stay on the personal hearing initiated by the Securities and Exchange Board of India (Sebi). Bajoria was required by the market regulator to testify whether his acquisition of shares in Bombay Dyeing and Manufacturing Company was bona fide. Sources close to Bajoria said he would file the proposed appeal by the stipulated one month after receiving the certified copy of the order issued by the single bench. "We received the certified copy of the order two days after it was passed by the high court on March 27. Therefore, we would have to move court with the appeal by April-end," they added. Sebi had issued a show-cause notice to Bajoria asking him to appear before it. He filed a petition challenging the legality of the notice. The Sources said: "Since the Company Law Board has already initiated investigation to ascertain whether Bajoria's holding in Bombay Dyeing was bona fide, a similar investigation by Sebi meant dual judicial inquiry. It is not allowed by the laws of the land." Bajoria had already filed a petition against the Bombay Dyeing management with the Company Law Board (CLB) alleging oppression of minority shareholders' rights at the textile company. He had also demanded, inter alia, his representation on the Bombay Dyeing board and appointment of external auditors to find out the mismanagement in the company. The next hearing at CLB is slated on April 16. Meanwhile, Bajoria has substantially liquidated his holding in Bombay Dyeing even before CLB and Sebi managed to complete the investigation. The jute industrialist now holds only 4 per cent Bombay Dyeing stake, against his peak acquisition of 13.5 per cent when his shareholding came to light in October 2000. The sources said Bajoria would have diluted his entire shareholding in Bombay Dyeing had there been no bear hammering in stock markets following the Union Budget. He also sold off his entire 6 per cent stake in the Lalit Mohan Thapar-controlled Ballarpur Industries through market operations.
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