Chennai: Beleagured retail chain Subhiksha said that Kotak Mahindra Bank, which owns 5% on its total credit, on Friday objected to merger of the company with city-based Blue Green Constructions and Investments Ltd.
Subhiksha managing director R Subramanian in a statement here, said that Kotak Mahindra Bank filed an objection to the merger in the Madras High Court and that the company has earlier filed various documents, as directed by the Court.
The Court has adjourned the hearing to 28 April, he added.
In June 2008, Subhiksha planned to acquire 23% stake in Blue Green Constructions for Rs2.5 crore. But ICICI Venture, promoted by Azim Premji, which has 10% stake in Subhiksha, objected to the move.