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At 09.35 hours (IST), the company’s scrip traded at Rs 484.70, down 1.1% on the National Stock Exchange.

Among the stocks Rakesh Jhunjhunwala exited was Ion Exchange, where he had held 5.3 per cent stake in the past six quarters.

A new stock is now part of Rakesh Jhunjhunwala's portfolio.

Trouble started at an AGM last year, where re-appointment of Deepak Chhabria came up.

The matter will be heard on April 4.

At 9.52 am, shares of the company were trading at Rs 269.65 apiece on BSE, up 5.15 per cent.

The Rs 1,976-crore company has surged 186.73% so far in the current calendar year.

Prakash Industries also announced demerger scheme between PIL and Prakash Pipes (PPL).