MUMBAI, Aug 20: Hindustan Ciba Geigy minority shareholder, Dinesh V Lakhani, has filed an appeal with the division bench of the Bombay high court against a July 25 order which rejected his objections against the scheme of demerger of the company's speciality chemicals business into a separate company.

However, chief justice MB Shah and justice Ranjana Desai today did not grant a stay on the drawn order of July 25. Lakhani had moved an urgent application seeking a stay on the drawn order till the appeal was admitted/heard/disposed of.Lakhani said that the appeal, which had been lodged on August 14, has been kept for admission on August 26.On August 8, the Bombay high court had turned down Hindustan Ciba-Geigy minority shareholder, Lakhani's plea to stay the demerger of the company's speciality business into a separate company.The court had turned down the plea when the counsel for Hindustan Ciba Geigy pointed out that almost 15 days had elapsed since the previous court order dated July 25. Lakhani had said that he had not received the true copy of the order and apprehending that the order would be implemented moved an urgent petition seeking a stay.

The July 25 order had rejected the objections filed by Lakhani against the scheme of arrangement for the demerger of the company's speciality chemicals business into a separate entity.While objecting to the scheme of arrangement, Lakhani had at the extraordinary general meeting moved an amendment modifying the proportion of shares offered in the new company, Ciba Speciality Chemicals (India) Ltd to 1:1.

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