Shareholders to move CLB against Garware promoters

MUMBAI: The minority shareholders of Garware Polyester, a maker of polyester films, are planning to file a fresh plea with the Company Law Board ( CLB) against the promoters of the company on corporate governance issues, including paying excessive remuneration to directors.

In a petition, shareholders have sought the refund of diverted funds and disposal of real estate owned by the company in Mumbai, Nasik and Aurangabad.

The case has been filed by Bharat Patel, who holds about 8% in Garware Polyester. Patel is joined by 128 other shareholders to file the suit at the western region bench of CLB. The petitioner has alleged that the company purchased assets worth 15 crore from the promoter family and details of the same have not been given to shareholders.