Financial Times

Janashakthi sells 10 % NDB stake
Janashakthi Insurance, who went to courts against the NDB Bank directors for mismanagement and improper conduct, on the back of the company being pressurised by the regulator to reduce its excessive shareholding of 12 percent, sold 10 percent to an identified foreign party on Friday, realising a capital gain of Rs.750 million.

However, with the two percent remaining stock the company still holds more than all the board directors, who hold less than 0.03 percent or 15,050 shares in the Bank collectively.

“We will invest the money in other stocks,” Ramesh Schaffter, Director Janashakthi told The Sunday Times FT. He said the company will not drop the charges against the director board. “We see no need to drop the charges,” Schaffter said.

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