PANAJI: Zuari Agro Chemicals Limited’s (ZACL) strategy to market its fertiliser plant in Goa and its affiliated companies to its sister worry Pardeep Phosphates Limited to get a value of about Rs 2,052 crore seems to have become headwinds.
Minority investors of ZACL, part of their Adventz Group, also have suggested that the move could be contested until the National Company Law Appellate Tribunal (NCLAT).
According to a filing prior to the bourses, ZACL has said that several investors holding 10.69percent of stocks have voiced concern over the transport of this fertiliser plant along with another firm transfer agreement (BTA) which were accepted by the company’s board earlier this season in February and in March 2020 respectively.
ZACL considers that any request filed prior to the NCLAT isn’t tenable, ” said executive director Nitin Kantak.
“The organization has obtained a requisition under section 100(2) of the Companies Act, 2013 by a group of investors holding 10.69percent of stocks, asking the board to call for an extraordinary general meeting (EGM) to talk things, such as moving against the 2 BTAs,” explained Kantak in an announcement on behalf of ZACL.
The EGM will be held June 23 where investors will talk and then decide whether to continue with the BTAs following the factors behind the decision about the sale.
The assembly will make it possible for investors to find attention on the financial facets of the purchase and interests of their shareholders.
“The organization (ZACL) continues to be intimated by exactly the identical set of shareholders suggesting to submit a request prior to the NCLAT.
The firm, depending on the legal opinion obtained, considers that the request, if registered, wouldn’t be tenable also doesn’t have any affect the BTAs,” stated a ZACL official.
ZACL includes a BTA to transport its fertiliser plant in Goa into Pardeep Phosphates Limited and a second BTA dated March 31, 2020, to move assets and obligations of its own retail, speciality nutrition, crop protection, seeds and also mixed companies to Zuari Farmhub Limited (ZFL) with effect from exactly the identical date.