Trinetra minority shareholders challenge merger plan

Minority shareholders of Trinetra Cements, a subsidiary of India Cements, have approached India's National Company Law Appellate Tribunal (NCLAT), to challenge the planned merger of the two companies, Business Standard of India reports.

Arvind Aggarwal and Ritu Aggarwal, who own around 2.4 per cent shares in Rajasthan-based Trinetra, have alleged there are various deficiencies in the merger scheme sanctioned by the Chennai bench of National Company Law Tribunal (NCLT) in April.

The petitioners argue that the share exchange ratio of 2:9 was incorrect since it undervalued Trinetra Cements by about ~INR500 crore. They have also alleged that the NCLT did not give due consideration to the objections raised by them before the approval of the scheme.