Dispute between two promoters not to impact corporate performance: Hikal
Pharmaceuticals and crop protection firm Hikal Ltd on Thursday refuted allegations by proxy advisory firm InGovern Research Services that the battle between its two promoters is impacting corporate performance. Hikal is in the midst of a battle between two promoter groups -- the Hiremaths who own 34.84 per cent stake and Baba N Kalyani (BNK)-led side that holds 34.01 per cent of the company. Minority shareholders own 31.15 per cent. InGovern in a note to shareholders had stated that in the absence of an agreement between the two warring promoter groups due the proportion of shareholding makes it difficult for any special resolution to be passed. It was also likely to slow down decision-making and resultantly, the interest of the company is likely to be compromised. In a detailed response to points raised by InGovern, Hikal said, "The document is a one-sided and an ill-informed attempt to damage the credibility of the company and its management and has been made with the intention of18-05-2023
