New Delhi, Aug 02: Continuing the war of words with elder brother Rajan Nanda, Escorts vice-chairman Anil Nanda today questioned the legality of the controversial decision to sell equity in Escort Heart Institute, saying he was determined to stop it. "I am exploring all options," he told when asked if he would take recourse to challenging the decision taken by the board of the Escorts Ltd to sell its 17.1 per cent of the company's total 80 per cent stake in Escort Heart Institute and Reasearch Centre.
The clash between the two brothers came out in open when Anil wrote to members of the escorts board questioning the unanimity of the decision and showcasing the opinion from Supreme Court lawyers to question the legality of the move.
Recalling that the EHIRC was set up by his father H P Nanda as a charitable trust, Anil opposed commercialisation of the good work for profiteering while criticising group chairman Rajan for misleading escorts' board members by being in collusion with those of the heart institute.
When contacted, Rajan rejected the charges saying he wanted to internationalise the institution to really serve the purpose for which it was created.
"There is collusion between the board of directors of Escorts and EHIRC. The sale of 17.1 per cent Escorts Ltd stake in EHIRC was never approved at the board meeting," Anil said.
Escorts heart is a closely held company with 80 per cent of its equity resting with escorts limited, and 10 per cent each with Rajan Nanda and heart specialist Naresh Trehan.
Bureau Report