Financial Daily from THE HINDU group of publications
Tuesday, Feb 15, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 15, 2005 |
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Corporate
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Announcements Dabur appoints Narang on Balsara boards; may buy out residual stake Our Bureau
New Delhi , Feb 14 DABUR India Ltd on Monday said it has appointed Group Director (Corporate Affairs), Mr P.D. Narang, as its nominee on the boards of directors of the each of the three acquired Balsara group of companies. Dabur India had acquired 99.4 per cent stake in Balsara Hygiene Products, 100 per cent in Balsara Home Products and 97.9 per cent in Besta Cosmetics last month for Rs 143 crore. A Dabur India spokesperson told Business Line, "We have appointed Mr Narang on the boards of all the three acquired Balsara companies. All strategically important decisions (taken by any of the three companies) will mandatorily require his consent." He also said that Dabur India has sought shareholder approval for a possible buyout of the residual shareholding in Balsara Hygiene Products and Besta Cosmetics for up to Rs 4 crore. On whether a decision had been taken on merging the three Balsara companies within itself, the spokesperson replied in the negative. Along with these acquisitions, Dabur India now has 12 subsidiary companies.
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