MS Ghosh, the representative of the FIs who opposed Philips' move at its extraordinary general meeting last Friday to sell the unit, said he had not got any communication from his headquarters to make him change his stand.

Ghosh, an assistant secretary at the pension cell of Life Insurance Corp of India here, had also represented General Insurance Corp and Unit Trust of India at the EGM. Philips had to order a poll on the resolution pertaining to the sale, but won by a large majority.

"No, we have not changed our stand. I am not aware of any development and have not received any information from my office in Mumbai. We are still opposing the company's move to sell this factory," he told The Financial Express on Friday, dismissing reports in a section of the press.

Patricia Virmani, Philips' head of corporate communications, did not make any categorical statement about the stand of the FIs. However, she said that K Ramachandran, Philips India's vice-chairman and managing director, met the top brass of LIC, GIC and UTI over Wednesday and Thursday.

Opposing the resolution calling for the sale of the unit to a nominee of Videocon International Ltd, the FIs had said that the company had not informed them of the details of the deal before the EGM.

Although the FIs are not against the sale of the factory per se, their opposition was a morale-booster for employee shareholders who had flocked to Calcutta. These employees have made a counter offer to buy the factory for Rs 10 crore against Videocon's offer of Rs 9 crore.

Ramachandran had earlier told The Financial Express that the company will consider their proposal only if its deal with Videocon falls through.

The Philips Employees Union, a national body representing employees of all units, are planning to approach the Provident Fund authorities for a loan to buy the unit, which makes colour televisions.

The union has already secured a stay from the Calcutta High Court against the sale of the unit.