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PIL against AP Paper divestment dismissed

Our Bureau

Hyderabad , Feb. 28

THE Andhra Pradesh High Court has dismissed a public interest litigation (PIL) filed by a sole litigant on behalf of a Kolkata-based brokering firm alleging that the Andhra Pradesh Government did not obtain the best price for the divestment of 25 per cent of shareholding in Andhra Pradesh Paper Mills Ltd.

The Chairman, Implementation Secretariat, Mr D.K. Panwar, in a statement, said, "The High Court decision sends a clear signal that the courts will not entertain unfounded allegations made by a meddler with no apparent involvement in a sale process, most likely acting as a front or proxy for others."

In December 2003, the Andhra Pradesh Government sold the shares to a co-promoter of the company, Digvijay Investments Ltd, for Rs 130.95 per share thereby realising Rs 29.25 crore from the sale proceeds. When the Government began the disinvestment strategy for its shareholding in July 2003, the share price was only Rs 40.

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