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Thursday, Feb 10, 2005

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Court grants stay on Easun Reyrolle EGM

M. Ramesh

Chennai , Feb. 9

THE City Civil Court in Chennai has granted a stay on an extraordinary general meeting of Easun Reyrolle Ltd shareholders that was to be held on Thursday.

The stay has been granted against a petition filed by Niskalp Investments and Trading Company Ltd of Mumbai, which has lent Rs 6 crore to Easun Reyrolle by way of Inter Corporate Deposits.

The EGM was convened to get shareholder approval for a private placement of shares to Power Ventures Holdings (India) Pvt Ltd. Power Ventures was to invest Rs 2.5 crore in Easun Reyrolle.

In its prayer to the Court, Niskalp has said that shares worth Rs 2 crore of Easun Reyrolle had been pledged with it against its loan to the company. But it did not get notice to the EGM at all.

In its order, the Court has said, "If the shares are allotted (to Power Ventures) there will be irreparable loss to the petitioner. The balance of convenience is in favour of the petitioner. Hence, ad-interim injunction till February 23."

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