Tenneco Inc.

SAT-appeal

• Dispute over valuation of infrequently traded shares of Federal-Mogul Goetz (India) Ltd for 25.02% open offer: acquirer offer Rs.400 vs SEBI direction Rs.608.46 based on Haribhakti valuation Rs.600.
  All present appeals arising from SEBI order dated 4 July 2019 held liable to be dismissed
• Dispute over fair open offer price for infrequently traded shares of Federal Mogul Goetze (India) Ltd on indirect acquisition via Federal Mogul chain; Rs.400 offered vs Rs.608.46 directed by SEBI.
  Appeal No.108 of 2019 allowed with no order as to costs · Impugned SEBI observation/direction dated 20 March 2019 set aside
  Appeal: Appeal No.108 of 2019 allowed and remanded; Appeal No.182 of 2019 disposed of on 16 May 2019; orders reserved on 15.4.2019 and 2.5.2019
• Dispute over valuation of shares for the open offer triggered by acquisition of control/shareholding in Federal-Mogul Goetz (India) Ltd.; no misconduct or securities-law contravention was adjudicated.
  Appeal No.352 of 2019, Appeal No.359 of 2019 and Appeal Lodging Nos.458 and 459 of 2019 dismissed. · SEBI’s remand decision dated 4 July 2019 revising the open-offer price to Rs.608.46 per share upheld.
  Appeal: SAT disposed of Appeal No.352 of 2019, Appeal No.359 of 2019, Appeal Lodging Nos.458 and 459 of 2019 and Misc. Application No.418 of 2019 on 7 November 2019; all appeals dismissed.
• Dispute over open-offer price for infrequently traded target; acquirer offered Rs.400 vs SEBI direction to revise to Rs.608.46 on independent valuation.
  Appeal No.108 of 2019 allowed with no costs; impugned SEBI observation/direction set aside · Case remitted to SEBI for fresh decision after considering objections with brief reasons