sebi:WTM/RKA/CFD-DCR/06/2014
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Facts / Headnote
Noticees directed to complete the open offer announced vide public announcement dated February 10, 2011 at the price determined in accordance with regulation 20 of the Takeover Regulations, 1997, with interest at 10% per annum from May 08, 2011 to date of payment of consideration; exemption granted from providing disclosures/undertakings/confirmations in respect of PRPL; request to reduce offer size rejected.
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 44
- Reg. 10
- Reg. 21
- Reg. 32
- Reg. 35(2)
- Reg. 2(1)
- Reg. 21(5)
- Reg. 20
- Reg. 27
- Reg. 23(1)(c)
- Reg. 27(1)
- Reg. 20(7)
- Reg. 73(1)(e)
- Reg. 22(19)
Parties
- IndusAge Advisors Limited (IAL)
- Growsafe Securities Private Limited (GSPL)
- Mr. Salim Govani
- Foresight Enterprises
Holding
The Noticees were directed to complete the open offer announced on February 10, 2011 at the price determined under regulation 20 of the Takeover Regulations, 1997, with interest at 10% per annum from May 08, 2011 to the date of payment of consideration to eligible shareholders. The Noticees were permitted to omit disclosures, undertakings and confirmations in respect of PRPL (which was in liquidation), but their request to reduce the offer size was rejected.
Full text
__________________________________________________________________________ In the matter of Madhusudan Securities Limited. Page 2 of 11
__________________________________________________________________________ In the matter of Madhusudan Securities Limited. Page 3 of 11
__________________________________________________________________________ In the matter of Madhusudan Securities Limited. Page 4 of 11
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Source: SecMarx — sebi:WTM/RKA/CFD-DCR/06/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.