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L&T demerger scheme

MUMBAI, FEB. 3. The minority shareholders of Larsen and Toubro today voiced their displeasure over the scheme of arrangement involving demerger of its cement business and moved five amendments, which were defeated by a majority vote. The proposal envisaging vertical demerger of company's cement business and eventual transfer to Grasim Industries, an Aditya Birla group company, was placed for shareholders approval at the High Court convened extraordinary general body meeting here today. The shareholders moved amendments to the scheme of arrangement, including revaluation of cement business, which were put to vote. There were heated arguments and charged presentations by minority shareholders. — PTI

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