Pula Steel shareholding agreement nears conclusion

The High Court has placed Pula Steel under judicial management of Vijay Kalyanaraman, who believes that since the Citizen Entrepreneurial Development Agency (CEDA) is the major financier of the project, it should be offered major shareholding to replace BCL, which has also been put under provisional liquidation.

“Part of the petition to the High Court was for shareholding to be restructured to enable CEDA to become a major shareholder. BCL had been reluctant to cede its shares, but finally the issue will be resolved because I have been in contact with BCL lawyers who will make their position known very soon.  If the shareholding agreement cannot be resolved, then the company would move into liquidation,” the judicial manager said.