Maruti Suzuki to take minority shareholders' approval over Gujarat plant
Quotes

Maruti Suzuki to take minority shareholders' approval over Gujarat plant

Last Updated: Saturday, March 15, 2014, 14:10
 
 Comment 0
 
Maruti Suzuki to take minority shareholders' approval over Gujarat plant
Zee Media Bureau

Maruti Suzuki on Saturday decided to take minority shareholders' approval over Gujarat plant.

The project will be funded by Suzuki.

Maruti Suzuki India Ltd (MSIL) is facing stiff resistance from private sector mutual funds and insurance companies, which own almost 7 percent of the company, for its decision to allow Suzuki Motor to make cars for MSIL at a proposed plant in Gujarat instead of manufacturing the vehicles itself.

Separately, state-run Life Insurance Corporation of India (LIC) has sought clarifications from MSIL about the Gujarat project. The private institutions are trying to rope in LIC to jointly oppose the company's decision.

SEBI was approached days after the 16 investors wrote to MSIL Chairman R C Bhargava and other board members, seeking quashing of the "oppressive transaction" to save the company from becoming a "shell" entity.

Maruti has maintained the deal is in the best interests of shareholders and is in compliance with all norms.

With Agency Inputs

First Published: Saturday, March 15, 2014, 14:10


Comments


comments powered by Disqus
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics
Google I/O 2014
Google I/O 2014
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved