Mumbai, Dec. 24: Larsen & Toubro’s (L&T) board meeting planned for December 28 has been put off. There is no official word on the reason.
“We have scheduled the board meeting sometime next month,” said a senior L&T official. He said the convenience of all board members was kept in mind before taking the decision.
He refused to call it a postponement, saying bourses have not been sent the mandatory intimation yet. “When we have not informed stock exchanges, how can we call it a postponement',” the official explained.
The change is sure to fuel speculation that the move is yet another attempt by the company to blunt the A V Birla group’s resistance to the cement de-merger. The Birlas’ open offer for 20 per cent of L&T, now frozen by Sebi, has not evoked a favourable response from FIs. This emboldened the L&T management to come out strongly against the group’s bid to wrest control.
The meeting would have discussed a proposal by CDC to pick up a stake in the company that would have been spawned after the L&T cement spin-off.