Calcutta, Oct. 11: Hitesh Ramji Javeri, a high profile investor based in Mumbai, has acquired over 12 per cent stake in IFB Industries, the sick white goods and industrial motor manufacturer.
But the management of the company moved the Company Law Board (CLB) alleging that the acquisition was illegal. In a notice sent to the stock exchanges today, IFB said the CLB had restrained Javeri from exercising voting right on shares acquired after June 27, 2002.
Javeri holds substantial stake in a number of companies, including Gujarat Cycles — a company promoted by the Gujarat government and the Munjals of the Hero group. He says he does not punt on conventional market favourites.