Grievance relating to delisting of Asian Paints’ founders’ company reaches PMO
On March 20, 2022, the market was abuzz with a company’s delisting offer. The promoters of Elcid Investments were offering Rs 1,61,023 when the share was trading at Rs 17!
Elcid Investments is largely owned by the Arvind Vakil family, one of the four who founded Asian Paints.
Some would say the shareholders hit a jackpot with the delisting offer.
Yet, a minority shareholder is accusing the company and the promoter group of deceit. In a letter to Sebi, the minority shareholder Dhiraj Mittal accuses Elcid Investments and promoters of “engaging in acts that are deceptive and manipulative and apparently oppressive to the non-promoter shareholders”. The complaint has also reached the grievance cell of the Prime Minister’s Office.
