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Bajoria not to sell his Bombay Dyeing holding

Corporate raider Arun Bajoria said that he was 'not interested' in selling his 14 per cent stake in Bombay Dyeing & Manufacturing Company Limited.

"I am still holding 14 per cent and will not sell until I get an attractive price," jute baron Bajoria said in Calcutta.

He was keeping in constant touch with Sebi to establish his claim that he had given timely information to the Calcutta Stock Exchange and the company as soon as he had crossed the prescribed 5 per cent limit.

"I will keep on talking with Sebi and co-operate with them. Sebi is in constant touch with me. Once the matter is cleared I will not let the management of Bombay Dyeing go scot free at the Company Law Board meeting," he said.

Bajoria, however, confirmed that he had not received any intimation from CLB about a date for hearing the matter.

Apart from the 14 per cent equity share holding in the company, he said, he held over another 5 per cent through his associates, but those shares have not yet been transferred and was kept in vyaj badla account.

Bajoria, however, confirmed that he was regularly selling his holding in Ballarpur Industries Limited. "I am selling BILT shares day-by-day," he said.

It was reported that the Thapars of BILT had reached an agreement with Bajoria for relinquishing his stake in the company, but the Thapars denied it. Bajoria's recent statement also indicated a possible deal.

Bajoria shot into the news last October when he announced that he had acquired 14 per cent equity share capital of Nusli Wadia-managed Bombay Dyeing and Industries Limited.

Since then allegations and counter allegations are being made with the Wadia company saying Bajoria had violated the takeover code by not informing them as soon as he had crossed the five per cent holding.

Bajoria, on the other hand, said he had informed the CSE as well as Sebi through letters sent under 'certificate of posting', but it was argued that he was supposed to inform the BSE too by 'registered' letter.

The Wadia company approached the CLB which passed an order freezing the voting rights of Bajoria's entire holding in the company.

The jute baron, had all along hinted that he had purchased these shares purely on investment basis and alleged that Nusli Wadia was not a professionally managing the company. Bajoria had also invited Wadia to sell his management stake in his (Bajoria's) favour.

Bajoria had, however, said he would not make a public offer to acquire another 20 per cent as per norms as he would still not get management control.

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