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Wednesday, Nov 27, 2002

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SEBI argument

Our Bureau

MUMBAI: According to sources who claimed access to the SEBI affidavit, some of the points made by the regulator to support that Grasim had controlled L&T were; that Grasim recommended appointment of two directors on the board of L&T; that Grasim had been trying cross-vending of its products as well as realisation of synergies with L&T; that Grasim directors influenced the shelving of the demerger plan of L&T; and that Grasim did not inform the regulator when its holding in L&T crossed 14 per cent.

Sources close to Grasim said, however, the company felt that no new evidence was contained in the SEBI affidavit to support that the company had management control in L&T. They said the appointment of two directors did not indicate control, that plans for cross-vending products were not indicative of control and that Grasim had not violated any SEBI requirement, the company having reported any purchase of equity from the market.

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