We report on recent near-IR observations of V4332 Sgr - the nova-like variable that erupted in 1994 .
Its rapid , post-outburst evolution to a cool M type giant/supergiant , soon after its outburst , had showed that it was an unusual object differing from other eruptive variables like classical/symbiotic novae or born-again AGB stars .
The present study of V4332 Sgr was motivated by the keen interest in the recent eruption of V838 Mon - an object with a spectacular light-echo and which , along with V4332 Sgr , is believed to belong to a new class of objects ( we propose they may be called “ quasi-novae ” ) .
Our observations show new developments in the evolution of V4332 Sgr .
The most striking feature is the detection of several molecular bands of AlO - a rarely seen molecule in astronomical spectra - in the JHK spectra .
Many of these bands are being detected for the first time .
The only other detection of some of these AlO bands are in V838 Mon , thereby showing further spectral similarities between the two objects . JHK photometry shows the development of a new dust shell around V4332 Sgr with a temperature of \sim 900K and a lower limit on the derived mass of M { { } _ { dust } } = 3.7 \times 10 { { } ^ { -12 } } M _ { \odot } .
This dust shell does not appear to be associated with ejecta of the 1994 outburst but is due to a second mass-loss episode which is not expected in a classical nova outburst .
The cold molecular environment , suggested by the AlO emission , is also not expected in novae ejecta .
We model the AlO bands and also discuss the possible formation mechanism of the AlO .
These results show the need to monitor V4332 Sgr regularly - for unexpected developments .
The results can also be significant in suggesting possible changes in the future evolution of V838 Mon .