Subiksha merger with Blue green Constructions opposed | business | Hindustan Times
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Subiksha merger with Blue green Constructions opposed

Beleagured retail chain Subhiksha on Friday said that Kotak Mahindra Bank, which owns five per cent on its total credit, on Friday objected to merger of the company with city-based Blue Green Constructions and Investments Ltd.

business Updated: Apr 17, 2009 15:54 IST

Beleagured retail chain Subhiksha on Friday said that Kotak Mahindra Bank, which owns five per cent on its total credit, on Friday objected to merger of the company with city-based Blue Green Constructions and Investments Ltd.

Subhiksha Managing Director R Subramanian in a statement in Chennai, said that Kotak Mahindra Bank filed an objection to the merger in the Madras High Court on Friday and that the company has earlier filed various documents, as directed by the Court.

The Court has adjourned the hearing to April 28, he added.

In June 2008, Subhiksha planned to acquire 23 per cent stake in Blue Green Constructions for Rs 2.5 crore. But ICICI Venture, promoted by Azim Premji, which has 10 per cent stake in Subhiksha, objected to the move.