The letter points out that SMC had attempted a similar structure in 2004 which was shelved because the board of directors and the government of India had realised its import. ? The same arguments that were valid in 2004 remain valid now. Even more, considering that MSIL, has the benefit of experience of the last 10 years and large cash surplus with it earning low returns?. Responding to the issues raised in the letter, a Maruti spokesperson said: ?Our purpose is to strengthen Maruti?s business and benefit all stakeholders including minority shareholders….We are communicating with them regularly to convey this intent and purpose?. RC Bhargava, chairman, Maruti, told FE: ?Companies don?t take decisions based on investors? complaints and there is no question of the board reviewing the proposal. These investors have said that Maruti will turn into a shell company without explaining how. As per our calculations, this proposal will get better profits for Maruti and that?s what all investors really want?.