Kolkata-based FMCG major Emami, which is waging a takeover battle with Zandu Pharmaceuticals, on

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Wednesday approached the Company Law Board (CLB) requesting to stay the board meeting of Zandu for inducting new members on its board of directors .

During the proceedings of the CLB, counsels appearing for Emami requested to pass an order directing to maintain status quo on the number of directors of Zandu. They further said that Zandu along with its promoters Parikh family, in a last-ditch attempt to save its hold on the company, was trying to induct five new members on the board through its proposed meeting on September 24. “They (Zandu) are going to conduct a fresh meeting with the agenda of inducting new directors,'' submitted Emami's counsel .

The Emami counsels further submitted that CLB should stay any such attempt by the Zandu of inducting their own person on the board as the merger process was at advanced stage. “Moreover, they (Zandu) are showing us different figures of their shareholdings to increase their voting rights,'' submitted Emami's counsel, adding that as their takeover process was going on they do not want any further nomination on the board. This was opposed by counsels appearing for Zandu and who sought some more time on t he petition on the ground that the petition copy was served by Emami yesterday only and they did not get enough time to go through it. Admitting it, CLB Chairman S Balasubramanian did not pass any order on Zandu's board meeting and directed it to be listed on September 22, 2008, for hearing -- two days before the scheduled meeting.

Emami's counsels further submitted that the company has bought around 27 per cent shares of Zandu Pharmaceuticals from their one of the promoter Vaidya family in which some are registered and some unregistered. “We would vote for 12 per cent shares only ,'' submitted Emami's counsel.