The board of directors of Mafatlal Industries on Friday reviewed the fund requirement of the company to strengthen its business operations. Accordingly, it has given an in-principle approval for sale of up to 16 lakh shares of Nocil (being less than 1 per cent of the total paid-up capital). Mafatlal currently holds 2.60 crore shares in Nocil. The board also authorised the MD & CEO and CFO to sell the shares over one year, at the appropriate price on the stock exchanges.