Ambalal Sarabhai Enterprises Ltd has informed that the Board of Directors of the Company at its meeting held on March 12, 2008, has taken note of the litigation filed before CLB in respect of restraining the Company from the sale of properties of the Company and thereby preventing the rehabilitation process being carried on. A group of shareholders have sent a noticefor requisitioning an EGM and filed litigation before CLB for of removal of Shri. Kartikeya Sarabhai as Director of the Company and to appoint a new Director in his place and thereby causing change in control and management of the Company. The CLB has stayed the requisitioning of this meeting and fixed the date of next hearing on May 14, 2008.
Further the Company has informed that, the Board of Directors has noted the stand taken bythe Company and are also desirous to take all such measures including process of law soas to protect the interest of the Company and its investors and capital markets as awhole.
Further the Company has informed that, the Board of Directors has noted the stand taken bythe Company and are also desirous to take all such measures including process of law soas to protect the interest of the Company and its investors and capital markets as awhole.
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