Sale of Ambalal Sarabhai properties stayed

March 12th, 2008 - 9:34 pm ICT by admin  

Mumbai, March 12(IANS) The company law board (CLB) has stayed the sale of properties of the Ambalal Sarabhai Enterprises Ltd following a litigation filed before it by a group of shareholders. The company, informing the Bombay Stock Exchange (BSE) of the developments Wednesday, said the CLB has taken note of the litigation filed and has fixed May 14 as the date of hearing.

The shareholders had sent CLB a notice requesting an extraordinary general body meeting (EGM) for the removal of present company director Kartikeya Sarabhai.

The petitioners have also sought permission to appoint a new director so that control and management of the company can be changed.

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