The company (Gitanjali Gems), however, is trying to hold on to whatever cash it has. Recently, its board agreed on a dividend but the promoters later opposed it, defeating the resolution by voting against it.
Exchange filings show at least some institutional shareholders were not in support of the move against the dividend but Gitanjali maintains it still has the backing of its institutional shareholders.
“It is incorrect to say institutional shareholders opposed it. At the moment, in the current scenario, money in the company is more necessary than money moving out,” said promoter Mehul Choksi.-from BS
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