FINANCIAL INSTITUTIONS-Deal-Making in Private

Deal-Making in Private A correspondent writes:
PHILIPS' decision to sell its Salt Lake manufacturing establishment in Calcutta has evoked more than ordinary interest in the media and in corporate circles. An important landmark was set to vanish from the city and not unexpectedly the general meeting of shareholders called last week specifically to approve the proposal turned out to be a turbulent affair. Wrangles over procedure and technicalities marked the proceedings. In this situation, the financial institutions, with a shareholding of about 20 per cent among them, could have given the lead in imparting a constructive direction to the discussion. Instead, their representative chose to remain aloof and uninvolved at the meeting.