So this happened during the course when the firm had plans for expansion and to do so the top level management was looking for the options to raise money that is capital creation by issuing more shares or through debt financing. A lot of us, including me, weren’t in the favor of issuing more equity shares as that would dilute the position of our shares but we rather supported debt financing along with using the retained earnings as at that point of time the firm had the financial stability to repay the interests and eventually the principle as well.
But this board member was pushing the idea of issuing more equity shares as he wanted to grab more shares through rights issue while the other members weren’t’ at the time happy with this as none of us were in the position to expand our holdings. We tried to pursue him but he seemed to be adamant. At that time, I didn’t have enough ownership so issuing more shares would dilute my position more than anyone else and so I met him and discussed the issue with him.