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Hindu board resolution stayed

The Company Law Board’s (CLB) Chennai bench on Friday stayed the implementation of the board resolutions of Kasturi and Sons Ltd (KSL) — promoters of the English daily The Hindu —which sought to bar family members from senior editorial and eventually managerial positions in the company.

india Updated: May 21, 2011 00:53 IST
KV Lakshmana

The Company Law Board’s (CLB) Chennai bench on Friday stayed the implementation of the board resolutions of Kasturi and Sons Ltd (KSL) — promoters of the English daily The Hindu —which sought to bar family members from senior editorial and eventually managerial positions in the company.

Editor N Ravi, executive editor Malini Parthasarathy, joint editor Nirmala Lakshman and senior managing director N Murali filed a petition before the CLB on May 10, challenging the April 18 decision of the board led by editor-in-chief N Ram. The CLB has given four weeks to Ram and 9 others to file a counter-affidavit.

The CLB stay puts on hold the appointment of Siddharth Varadarajan, who is currently the daily’s national bureau chief, as the editor-in-chief of the daily after Ram steps down along with other family editors.

The CLB, however, allowed the proposals to be taken up for ratification by the shareholders at the extraordinary general meeting (EGM) on Friday evening. But the bench directed in its 14-page order that no decision could be implemented till further orders.

According to company sources, the proposals were eventually ratified by the EGM with 60.41% shareholders approving the move. Also, as per the CLB directive, the objections by the petitioners were recorded in the minutes of the EGM. The next hearing is scheduled for August 23.