The Hindu Business Line : PIL against AP Paper divestment dismissed

THE Andhra Pradesh High Court has dismissed a public interest litigation (PIL) filed by a sole litigant on behalf of a Kolkata-based brokering firm alleging that the Andhra Pradesh Government did not obtain the best price for the divestment of 25 per cent of shareholding in Andhra Pradesh Paper Mills Ltd.

The Chairman, Implementation Secretariat, Mr D.K. Panwar, in a statement, said, "The High Court decision sends a clear signal that the courts will not entertain unfounded allegations made by a meddler with no apparent involvement in a sale process, most likely acting as a front or proxy for others."

In December 2003, the Andhra Pradesh Government sold the shares to a co-promoter of the company, Digvijay Investments Ltd, for Rs 130.95 per share thereby realising Rs 29.25 crore from the sale proceeds. When the Government began the disinvestment strategy for its shareholding in July 2003, the share price was only Rs 40.

More Stories on : Courts/Legal Issues | Paper | rd & Newsprint | Disinvestment

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
PIL against AP Paper divestment dismissed

Excise on steel halved; imported coal cheaper

Govt adds more items under SAPTA duty concession list

`EU-India meet will generate investment opportunities'

CII team to visit Taiwan

Rapid diagnostic centre in Bangalore planned

Steel demand seen rising to 38 mt in 2006-07

`Cost-effective management key to textile industry growth'

NSTL develops underwater vehicle

NIFT clarification

Bennett & Coleman seeks Govt nod for Indian edition of WSJ

Both India and Pak need to come to their senses

BioAsia forms Asian federation of biotech bodies

Shellac EPC draws up plan to achieve target

Spain plans tourist office

Rise in Indian tourists in Macau