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Corporate - Sick Units


CM's intervention sought to resolve Maha Scooters issue

Our Bureau

Mumbai , March 24

THE Maharashtra Scooters Minority-shareholders Association (MSMA) has said it has sought the intervention of the Chief Minister, Mr Sushil Kumar Shinde, in the sale of the Western Maharashtra Development Corporation's (WMDC) equity at the scooter manufacturer.

"We have appealed to the Chief Minister for his urgent intervention in the MSL case and immediate vacation of the arbitration proceedings. The questionable decisions taken by the MSL board at various instances has forced us to request his immediate action for the dismissal of the WMDC nominees on the MSL board,'' Mr Ramesh Mehta, Chairperson, MSMA, said in a statement.

It may be recalled that the proposed sale of WMDC stake to MSL's co-promoter Bajaj Auto Ltd (BAL), was subsequently referred to arbitration.

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