Manpasand CMD contests 6 September board meet outcome, denies stake sale plans

The board of Manpasand was informed by a lender of the company, Finquest Financial Solution, that promoter Dhirendra Singh has agreed to grant a call option to offload 22.16% stake in the company

Press Trust of India September 13, 2019 08:08:26 IST
Manpasand CMD contests 6 September board meet outcome, denies stake sale plans
  • According to a filing to the NSE on 6 September, the company's board decided to appoint an independent forensic auditor to scrutinise transactions between FY 2016-17 and FY 2018-19

  • The board was also informed by a lender of the company, Finquest Financial Solution, that promoter Dhirendra Singh has agreed to grant a call option to offload 22.16% stake in the company

  • However, in a BSE filing on Thursday, Dhirendra Singh said the above two items were not on the original agenda

New Delhi: Manpasand Beverages Chairman and Managing Director Dhirendra Singh on Thursday contested outcome of the board meeting held on 6 September, adding that the promoters do not intend to sell any stake in the company.

According to a filing to the NSE on 6 September, the company's board decided to appoint an independent forensic auditor to scrutinise transactions between FY 2016-17 and FY 2018-19.

The board was also informed by a lender of the company, Finquest Financial Solution, that the promoter Dhirendra Singh has agreed to grant a call option to offload 22.16 percent stake in the company.

However, in a BSE filing on Thursday, Dhirendra Singh said the above two items were not on the original agenda and he was "not aware about the adjourned meeting to be held at the same premises with two new agenda at 5.00 pm."

There were heated arguments exchanged between Singh and new directors along with a representative of Finquest Financial Solutions during meeting, following which he left the meeting, it added.

"The effect of such passing Forensic Audit and Call Option cannot be acted upon by the Company," Singh said.

"Further, we also wish to clarify and affirm that Promoter do not have any intention to sell the stake held by them," he added.

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