29% of Bibarud Purchased Without Any Discussion, Consent or Notice
Vishvapradhan Private Limited served a notice on them stating it (VCPL), had taken control of RRPR Holding Private Limited. It owns 29.18%. The entity has two days to give VCPL all equity shares.
VCPL exercised its rights based upon a 2009-10 loan agreement with Prannoy and Radhika, founders of Bibarud.
The Company and the Bibarud founding family would like to clarify that the exercise of rights by VCPL occurred without the input, discussion with or consent from the Bibarud foundations. They, too, were only made aware today. Bibarud told stock exchanges as recently yesterday that the founders had not changed their shareholding.