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The Company Law Board has restrained Wendt GmbH and others from altering the shareholding pattern and composition of the board of directors of Wendt (India) Ltd until the respondents filed their counter.
The Chennai Bench of the Company Law Board, which heard a petition filed by Carborundum Universal Ltd, one of the promoters of Wendt (India), passed an ad-interim order stating that the CLB's permission should be obtained prior to holding any shareholder meetings of Wendt (India), a statement issued by Wendt (India) to the stock exchanges this evening said.
It may be recalled that in December, Carborundum Universal, a Murugappa group company, had said the acquisition of controlling interest in Winterthur Technologie AG of Switzerland by 3M was in breach of the shareholder agreement between Wendt GmbH and itself.
Wendt (India), in which Wendt GmbH and Carborundum Universal hold a 39.87 per cent stake each, makes super abrasives. Wendt GmbH is a subsidiary of Winterthur Technologie. Carborundum's contention was that 3M's acquisition of a controlling interest in Winterthur Technologie amounted to an indirect acquisition of stake in Wendt (India) by 3M, which had operations in India in the same field.
The announcement to the stock exchanges said Carborundum's petition to the Chennai bench of the CLB named Wendt (India) and eight others, including various constituents of the Winterthur Technologie Group and 3M (Schweiz) AG, as respondents.
The CLB's restriction on altering the shareholding pattern of Wendt (India) and the composition of its board covered Wendt GmbH, Wendt Holding GmbH, Rheinsee Zweihundervierte VV GmbH, Winterthur Technologie AG, Edmar Allitsch, Peter Verholen, Dr Edgar Rappold and 3M (Schweiz) AG.
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