Unitop shareholders drag Rossari Biotech promoters to arbitration

Former promoters and currently minority shareholders of Unitop Chemicals have started arbitration against promoters of Rossari Biotech, the company which had acquired a majority stake in Unitop in 2021.In 2021, Rossari Biotech had agreed to acquire 100% stake in Unitop in 3 tranches for INR 415 crore. However, Rossari acquired 80% stake in Unitop in two tranches and refused to acquire the remaining 20% stake worth INR 83 crore.