Karnataka government trying to buy back shares of Mysore Lamps from private investors, says Minister M.B. Patil

Responding to a question from Janata Dal (Secular) member S.L. Bhojegowda, the Minister said that the 22 acres property of Mysore Lamps in Bengaluru will be safeguarded and put to public use

Karnataka government is making efforts to buy back shares of the now defunct Mysore Lamps Limited from private equity holders to get control of the company.

“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 told the legislative Council on February 13.

While the State Government owns 91.07% of the shares, government-owned but now defunct NGEF holds 3.3% of the shares while public investors account for 5.6% of the equity in Mysore Lamps, he added.

Responding to a question from Janata Dal (Secular) member S.L. Bhojegowda, the Minister said that the 22 acres property of Mysore Lamps in Bengaluru will 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.”