sebi:WTM/TCN/73/CFD/01/08
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Facts / Headnote
Issues disposed of; acquirers directed to pay consideration at Rs. 72.50 per equity share to shareholders whose shares were accepted in the public offer, along with interest per SAT order dated 13.12.2006.
Regulations
- Reg. 20
- Reg. 20(4)
- Reg. 18
- Reg. 18(2)
- Reg. 20(8)
Parties
- Acquirers
Holding
The offer price of Rs. 58/- per equity share to public shareholders did not reflect the actual negotiated price, and the payment of Rs. 14.50 per share to the Sellers in the guise of non-compete consideration was not justified; the acquirers must pay Rs. 72.50 per equity share to shareholders whose shares were accepted in the public offer, plus interest.
Full text
2 2.1 Pursuant to the said order of Hon’ble SAT an opportunity of hearing was granted to the acquirers on 30.11.2007 when the Mr. Somasekhar Sunderasan, Advocate appeared and made submissions on their behalf. The acquirers also filed a written submissions on 08.01.2008 in the matter.
3 no power, authority or jurisdiction to direct that the same be added to the offer price. d. that the factors which have influenced the decision of SEBI have no merits. The letter dated 23.08.06 from a shareholder making
4 have necessary access to the market information and industrial connections which would allow them in combination with their knowledge of the TC to put up a successful competing venture.
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Source: SecMarx — sebi:WTM/TCN/73/CFD/01/08. 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.