Speaking at the AGM, Basu said he had contacted BAT officials and sought their assurance that they were not using the back door to obtain control of the company. Further, he said that the company had received intimation only from RS Damani of his 5 per cent holding in the company.

According to Basu, if BAT intended to increase its stake in the company, it can do so through various other options available to them.

Commenting on the second broker, Basu clarified that, as was reported, the other broker has not yet communicated to the company and VST has no information on him.

He said the company would consider the suggestion made by a shareholder to appoint a shareholders representative on the investment committee. He said the suggestion will be kept in mind at the time of constituting the committee whenever the company plans to make aninvestment. However, he said at present VST has no such plans.

Another shareholder, Bal Sunder, sought details on the funds generated by the company from the divestment of ITC Bhadrachalam shares. According to him, the company had received about Rs 18 crore from that deal. He also wanted to know the fate of the Rs 52-crore investments made in the stock markets. He felt that there should be greater transparency in most of the company's investment plans.

Former employee and shareholder Anantapadmanabha Naidu said that the company was re-appointing people who had taken the voluntary retirement scheme and questioned its validity. Basu said that the managing director will look into the issue personally.

Later, the shareholders approved the financial accounts for the year ended March 31, 1998. The shareholders also gave their consent for the proposed preference shares issue.