Business Today

5 steps to here

     Print Edition: Nov 13, 2011

1. Sept 23, 2011 Kidswear company Lilliput's eight-member board approves its initial public offer, or IPO, plan.

2. Sept 24, 2011 The stakeholders, including PE investors Bain Capital India and TPG, and promoter Sanjeev Narula, discuss the proposed IPO.

3. Sept 26, 2011 The PE investors withdraw their IPO consent, accuse Narula of fudging accounts. Narula says they want to raise their stake above 50 per cent.

4. Sept 28, 2011 Lilliput's board disapproves of the company's financial statements for financial year 2010/11.

5. Oct 12, 2011 Six directors, including two nominees and four independent directors, and auditor S.R. Batliboi, resign.
-Anamika Butalia

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