Karnataka Government Pursues Full Ownership of Mysore Lamps Shares

In a bid to regain complete control over Mysore Lamps Limited, the Karnataka government is actively seeking to repurchase shares from private equity holders, aiming to secure the remaining 5.6% of shares currently held privately. Minister M.B. Patil emphasized the government’s intention to achieve 100% government ownership, highlighting the upcoming ballot vote and subsequent valuation determination by the National Company Law Tribunal (NCLT).

While the state government already holds 91.07% of the shares, the defunct NGEF possesses 3.3%, leaving the remaining portion in private hands. Patil assured the Legislative Council that the 22-acre property owned by Mysore Lamps in Bengaluru will be preserved for public use, with measures in place to prevent the privatization of the land.