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Shares of New Delhi Television soared as much as 17.25 per cent intraday on the NSE as foreign institutional investor LTS Investment Fund bought 9.75 per cent stake or 62.85 lakh shares in the company from Oswal Greentech at ₹81 a share aggregating to ₹50.9 crore.
The family dispute in the Oswal Group has deepened with Pankaj Oswal serving a legal notice seeking to freeze all assets, including bank accounts, properties and shares owned by the late businessman Abhey Oswal. Pankaj Oswal is the eldest son of the late businessman.
Sydney : Amid a takeover tussle with his mother for control of Oswal Greentech and Oswal Agro Mills, Pankaj Oswal has been ordered by authorities in Australia not to leave the country due to a taxation case involving millions of dollars, reports PTI.
On April 2, the directors of Oswal Agro Mills and Oswal Greentech met at the 7th floor of Antriksh Bhawan, a high-rise in the Connaught Place area of New Delhi. On the agenda was the appointment of a new director and chairman: Aruna Oswal. These meetings were called after Aruna's husband and the chairman of the two companies, Abhey Oswal, had died in Moscow four days ago. The mood was sombre, the meetings were short.
A bitter succession battle has broken out in the Oswal family after the death of Abhey Kumar Oswal last month. Allegations and counter allegations are flying thick and fast as Oswal's eldest son, Pankaj Oswal, has challenged his mother's appointment to the board of group companies - Oswal Greentech and Oswal Agro Mills. On the other hand, the companies have filed a police complaint against him for alleged stealing of documents.
BS REPORTER | A statement was issued on behalf of the former that a police case had been filed against Pankaj Oswal April 9, 2016 Last Updated at 00:39 IST
Anil Bhalla, MD, Oswal Greentech in an interview to CNBC-TV18 said Aruna Oswal was a capable person to run the company and Abhey also wanted his wife to succeed him at the company and she was his nominee.
Cairn India | NMDC | Ipca Labs | Adani Enterprises | Sagar Cement | NBCC | IVRCL | PNC Infratech | Jyoti Structures | Simplex Projects and Reliance Communications are stocks, which are in the news today.
Sanjeeb Mukherjee & N Sundaresha Subramanian | New Delhi April 8, 2016 Last Updated at 00:35 IST
In the 1980s, Abhey Oswal was known as the ‘next Ambani. He was market-savvy and had a knack of taking over businesses and also building them from ground. The Ambani reference would refuse to go away, even in the last months of his life. Oswal, 67, passed away after a heart attack on Tuesday, in Moscow, where he had gone to market some medicines developed by one of his multiple ventures. He is survived by wife Aruna Oswal, who is engaged philanthropic activities through Aruna & Abhey Oswal Trust, sons Pankaj and Shail and daughter Shallu.