S.S. Kelkar, executive director of Bombay Dyeing confirmed yesterday that Arun Bajoria and his associates still hold around 14.5 per cent of the company, the Hindu Business Line reported.

This means that Mr Bajoria has maintained the holding at the threshold of an open offer of additional 20 per cent stake for about five months.

He told Business Line that his immediate intention was to establish his rights as an investor. His next moves were to follow the vacation of stay order by the Company Law Board (CLB).

Meanwhile, both the Bombay Dyeing and the Bajoria camps await the second date for the hearing, which is to be determined by the CLB. The Mumbai Bench of CLB first heard the complaints of Bombay Dyeing on September 29 and on the same day set an interim stay on voting rights on the shares acquired by Mr Bajoria.

According to Mr Bajoria, he has been expecting a date for the hearing since November. He had filed papers with CLB in August. Informed sources in Bombay Dyeing are also aware that the Bajorias have already responded to the stay order.

"The ball is entirely in CLB's court now. No initiative from our side is envisaged currently," Bombay Dyeing sources said.