The Hindu Business Line : Mumbai HC adjourns L&T plea for unit de-merger

THE Mumbai High Court hearing on Larsen & Toubro's petition for sanction of de-merger of its cement division turned out to be more than just a formality, ending up in its postponement for next week.

The Mumbai HC was to hear the petition on Thursday; however objections filed by a couple of shareholders to the company's proposal of de-merger of its cement division led to postponement of the hearing.

Company sources said the objections now have to be replied to.

The proposal for de-merger and the subsequent sale of part-stake in the cement company to Grasim had fetched shareholder approval at the company's EGM on February 3, 2004.

However, minority shareholders, who had demanded five amendments to the company's resolutions related to the de-merger at the EGM were still unhappy, and a couple of them filed objections.

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