A file picture of the Mysore Lamps Works Limited manufacturing facility, close to Yeshwantpur in Bengaluru. Industries Minister M.B. Patil advised the legislative Council that the 22 acres property of Mysore Lamps in Bengaluru might be safeguarded and put to public use.
| Photo Credit: File picture
Karnataka authorities is making efforts to buy back shares of the now defunct Mysore Lamps Limited from non-public fairness holders to get management of the corporate.
“About 5.6% of shares of Mysore Lamps are in private holding. We want to make it 100% government-owned. The AGM did not agree and, hence, there will be a vote by ballot. Then, this matter will be taken before the NCLT that will decide on the valuation. The government will pay for the shares,” Industries Minister M.B. Patil advised the legislative Council on February 13.
While the State Government owns 91.07% of the shares, government-owned however now defunct NGEF holds 3.3% of the shares whereas public traders account for five.6% of the fairness in Mysore Lamps, he added.
Responding to a query from Janata Dal (Secular) member S.L. Bhojegowda, the Minister stated that the 22 acres property of Mysore Lamps in Bengaluru might be safeguarded and put to public use. “There is no effort to hand the land over to private parties. The public charitable trust floated in 2021 has government officials as members, and five public personalities will be nominated. These nominated persons can be removed any time.”
