SEBI fined AGI for failure to disclose to shareholders key details of the modifications to the HNG deal required by CCI. The order is discussed in detail in this article -
https://businessworld.in/article/sebi-fines-agi-greenpac-for-inadequate-disclosures-to-shareholders-519391
A week back, following the SEBI imposed penalty, AGI has made a voluntary disclosure of all litigations pending with Supreme Court and NCLT regarding the HNG deal. Total 12 challenges, 7 with Supreme Court and 5 with NCLT. Of these 4 have been filed by Independent Sugar, 2 by UP Glass Manufacturers’ Syndicate and the rest by various labour Unions of HNG.
UP Glass Manufacturers’ Syndicate has 4 Directors, all of whom own glass making companies. One of the directors is Mr. Sanjay Agarwal of Kwality Glass Works. There is a Sanjay Agarwal who is the sitting President of the All India Glass Manufacturers’ Association - The All India Glass Manufacturers' Federation. Not sure if its the same person. The Sr. Vice President of AIGMA belongs to AGI Glasspac.
Disc: Not invested. Tracking the HNG acquisition.
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