CLB asked BPL Communication to maintain status quo

The Company Law Board (CLB) has vacated the stay order on the three BPL companies that include its mobile phone entity BPL Communications. The CLB has asked BPL Communication to maintain status quo in its shareholding pattern. 

CLB has allowed Nambiar, group chairman, to inspect the books of BPL Communications and other group companies. It may be recalled that T P G Nambiar, BPL Group chairman has taken his son-in-law and BPL Communications CEO, Rajeev Chandrasekhar, to the CLB for alleged mismanagement.

Though Chandrasekhar denied of receiving any legal notice, Nambiar's lawyers said the notice has been sent to Chandrasekhar and he has appointed lawyers to fight on his behalf. 

Chandrasekhar has also been accused of taking a 32 percent stake in the company without making investments and that he was looking to sell BPL Mobile without Nambiar's consent.

The next hearing for the case is scheduled for January 2005.

CyberMedia News