Kumar Mangalam Birla faces shareholders heat over Century Textile unit demerger
Lodha family-controlled investment company Punjab Produce and Trading Co had earlier gone to court with a plea for an injunction on the demerger, claiming that the move would hurt its interest as Century Textile would be left poorer as its main revenue earning business division would be taken away.
Kumar Mangalam Birla’s move to demerge the cement arm of Century Textile faced a stiff opposition at the shareholders’ meeting. Image source: PTI