SEBI Notices for August 2008

Securities and Exchange Board of India (SEBI) Notices for August 2008


PR. No.160/2008 Order against M/s. Bonanza Portfolio Ltd. in the matter of M/s Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Bonanza Portfolio Ltd, broker of the Bombay Stock Exchange Limited, to be careful in future in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in. Mumbai August 22, 2008
Source: SEBI Date: 2008-08-23


PR No: 158/2008 Order against M/s. Lagan Fincap Leasing Ltd. in the matter of M/s. Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Lagan Fincap Leasing Ltd., sub-broker affiliated to Bonanza Stock Brokers Ltd., broker of the Bombay Stock Exchange Limited, to be careful in future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in Mumbai August 22, 2008
Source: SEBI Date: 2008-08-23


PR. No.159/2008 Order against M/s.Share Aids in the matter of M/s. Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. directing M/s. Share Aids, broker of Saurashtra Kutch Stock Exchange, to be careful in future and exercise due care and diligence in the conduct of its affairs as a capital market intermediary. The full text of the order is available on the website www.sebi.gov.in Mumbai August 22, 2008
Source: SEBI Date: 2008-08-23


PR. No. 157/ 2008 Order in the matter of M/s. Shree Yaax Pharma and Cosmetic Limited Dr. T. C. Nair, Whole Time Member, SEBI has passed an order dated August 20, 2008 in the matter of M/s. Shree Yaax Pharma and Cosmetics Ltd. restraining Kajol Impex Ltd., Trans Fiscal Pvt. Ltd., Gaurang G. Patel, Samir D. Patel, Paresh Champaklal Shah, Umit Vinodbhai Patel and Sudhirbhai Shah from accessing the securities market either directly or indirectly and also from buying, selling or dealing in securities for a period of three months. The order shall come into force with immediate effect. The full text of the order is available on the website www.sebi.gov.in Mumbai August 22, 2008
Source: SEBI Date: 2008-08-23


PR No.156/2008 Orders in the case of M/s. Electrolux Kelvinator Ltd. Dr. T. C. Nair, Whole Time Member, SEBI has passed two orders dated August 20, 2008 in the case of M/s. Electrolux Kelvinator Ltd. against the following entities: (1) Harish Kumar (HUF), M/s. A.H.Holdings Private Limited, Shri Omprakash, Shri Omprakash (HUF), Ms. Raksha Devi, M/s.Asiatic Engineers Private Limited, M/s. Technocrat Marketing Private Limited and Shri Harish Kumar, Director. (2) M/s. Vivensari Financial Services Pvt. Ltd., M/s. Harsha Pranav Securities Private Ltd. and M/s.Newfin Financial Services Private Ltd. Entities mentioned at (1) above have been directed to be careful in their future dealings in securities and adhere strictly to the statutory requirements. The three entities mentioned at (2) above are restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner and in any capacity for a period of six months with immediate effect. The full text of the orders is available on website: www.sebi.gov.in Mumbai August 22, 2008
Source: SEBI Date: 2008-08-23


PR No.154/2008 Consent orders in the matter of M/s. Nissan Copper Limited A Panel comprising of Dr. T. C. Nair, Whole Time Member, SEBI and Shri M. S. Sahoo, Whole Time Member, SEBI has passed consent orders dated August 14, 2008 on application submitted by Rajeev Reniwal, Haryana Ship Breakers Ltd., Sanjeev Reniwal HUF, Shanti Sarup Reniwal, Shanti Sarup Reniwal HUF and Inducto Steel Ltd.(Reniwal Group), Venus Capital Management Inc, FII, and its two sub-accounts, ITF Mauritius and Vacuf Limited in the matter of M/s. Nissan Copper Limited in which the applicants are alleged to be involved in Fraudulent and Unfair Trade Practices relating to Securities Market, in accordance with SEBI Guidelines dated April 20, 2007 for consent orders. Upon noticing abnormal price rise in the share of Nissan Copper Limited (NCL), Securities and Exchange Board of India (�SEBI�) launched an investigation into dealings on the first date of listing of shares of NCL. Simultaneously, SEBI passed an ad interim ex parte Order dated January 17, 2007, inter alia, directing NSE and BSE to withhold the profits/gains of the applicants in a separate escrow account. Based on the findings of the investigations, it was alleged that subscription from the FII in the QIB portion of the IPO was pre-arranged. The FII along with sub accounts were assured exit on the first day of listing through structured transactions. This act of applicants appears to have distorted the prices in the market and seems to have benefited from this. The High Powered Advisory Committee (HPAC) considered the facts and circumstances of the case, consent terms offered by the applicants, the material bought before the Committee and that it was for the first time that the applicants were involved in such impugned transactions. The HPAC accepted the profits/gains of Rs.9,52,90,137.90 (Rupees Nine crore fifty two Lakh ninety thousand one hundred thirty seven and ninety paisa only) from Reniwal Group and Rs. 2,35,58,673.55 (Rupees Two Crore Thirty Five Lakh Fifty Eight Thousand Six Hundred Seventy Three and Fifty Five Paise Only) from the FII and Sub accounts plus the interest accrued thereon as consent charges in the case. The full text of the orders is available on the website www.sebi.gov.in Mumbai, August 14, 2008
Source: SEBI Date: 2008-08-18


PR No.153/2008 GRANT OF EXEMPTION TO SM HOLDING AND FINANCE PVT. LTD & OTHERS IN THE MATTER OF PROPOSED ACQUISITION OF EQUITY SHARES OF SM ENERGY TEKNIK & ELECTRONICS LTD. (TARGET COMPANY) Dr. T. C. Nair, Whole Time Member, SEBI, has passed an order dated August 11, 2008, granting exemption to SM Holding and Finance Pvt. Ltd., Sai Ganesh Properties Pvt. Ltd., Primrose Trade Pvt. Ltd., Jatipura Investment and Finance Pvt. Ltd. and Tipu Investment and Trading Pvt. Ltd. from making an open offer in terms of Regulation 11(1) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, with regard to proposed increase in their voting rights from 15.37% to 54.76% pursuant to preferential allotment of equity shares of Target Company. Pursuant to the said increase in voting rights, there would not be any change in control of the target company. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel recommended for exemption to the acquirers from making an open offer. The full text of the order is available on the website www.sebi.gov.in Mumbai August 14, 2008
Source: SEBI Date: 2008-08-18


PR No.151/2008 Order against MCS Ltd. SEBI had received many complaints against MCS Ltd. from various companies alleging refusal of MCS Ltd. to hand over the records/data to them or their newly appointed share transfer agent and issue No-objection to the Depository within the prescribed time-frame. In this connection, Dr. T.C.Nair, Whole Time Member, SEBI vide order dated August 11, 2008 has directed that MCS Ltd. shall within a period of 10 days from passing of the order transfer all the data/records and issue no objection to the Depository with respect to all the companies mentioned in the show cause notice dated March 17, 2008, if not already done, failing which strict action will be taken against MCS Ltd. in terms of the Securities and Exchange Board of India Act and the rules and regulations framed thereunder. It is left open for MCS Ltd. to seek resolution of their dispute with the issuers, if any, at an appropriate forum. The full text of the above order is available on the website: www.sebi.gov.in Mumbai August 14, 2008
Source: SEBI Date: 2008-08-18


PR No.152/2008 SEBI passes Consent Orders in case of IPO irregularities In accordance with SEBI Guidelines dated April 20, 2007 for consent orders, SEBI has passed consent orders on August 12, 2008 in the matter of �irregularities in IPOs� on applications submitted by the following persons : 1. Bakul Desai 2. Chirag Desai 3.Hemlata Desai, 4. Nimisha Kadakia 5. Shah Kantilal Jitmal SEBI had passed an ad interim ex-parte order on April 27, 2006 in the matter of �irregularities in IPOs�, wherein the above applicants were alleged to be the financiers in the case. The above applicants had applied for consent without admission or denial of guilt. Pursuant to SEBI�s ex-parte order, the above persons have already undergone prohibition from buying, selling and dealing in securities. Bakul Desai, Chirag Desai and Hemlata Desai have remitted a total sum of Rs.90,000/- (Rupees Ninety Thousand only), Nimisha Kadakia remitted a total sum of Rs.4,00,000 (Rupees Four lakhs only) and Shah Kantilal Jitmal remitted a total sum of Rs.10,000/- (Rupees Ten Thousand only) towards the terms of consent in the matter. The consent amount includes Rs.77,460/- (Bakul Desai, Chirag Desai and Hemlata Desai), Rs.2,65,790/- (Nimisha Kadakia) and Rs.5,000/- (Shah Kantilla Jitmal) towards disgorgement. The full text of the orders is available on the website: www.sebi.gov.in Mumbai August 14, 2008
Source: SEBI Date: 2008-08-18


Shri Ranganayakulu takes charge as Executive Director (Law) Shri Jagarlamudi Ranganayakulu has taken charge as Executive Director in the Securities and Exchange Board of India (SEBI) today. Shri Ranganayakulu will be in charge of the Legal Department. Prior to this assignment, Shri Ranganayakulu was Legal Adviser in SEBI. A postgraduate in Constitutional Law, Shri Ranganayakulu has also obtained a Master�s Degree in International Law and Economics from the World Trade Institute, Berne, Switzerland. He has also a post graduate degree in Political Science. In his career as a law professional spanning more than two decades, Shri Ranganayakulu has worked in SEBI and HUDCO. He joined SEBI in 1997 as Deputy Legal Adviser and was promoted later as Joint Legal Adviser. Shri Ranganayakulu has handled various significant cases in SEBI. He was involved in drafting various regulations, Memorandum of Understanding with Foreign Regulators for co-operation in investigation and enforcement. He was also an adjudicator in about 50 cases and has passed several quasi judicial orders. He has also handled various cases, on behalf of SEBI, in the Securities Appellate Tribunal, High Courts and Supreme Court. Prior to his assignment in SEBI, Shri Ranganayakulu served as Law Officer in Housing and Urban Development Corporation (HUDCO), a Govt. of India enterprise. In HUDCO, Shri Ranganayakulu has examined a number of constitutional documents of borrower institutions for ascertaining their legal eligibility to raise loans for undertaking housing and infrastructure projects and completed legal documentation in approximately 1000 schemes. Shri Ranganayakulu has presented several papers on issues relating to securities market in national as well as international forums. He was also a Member of the Indian delegation to UNIDROIT Convention on Substantive Rules regarding Intermediated Securities held at FAO, Rome, Italy. Widely travelled, Shri Ranganayakulu has visited United States of America, Japan, Singapore, Malaysia, Switzerland, Italy and Thailand. Mumbai August 14, 2008
Source: SEBI Date: 2008-08-18


PR No.150/2008 SEBI Board Meeting 1. SEBI Board decides to reduce time lines for rights issues In order to reduce the time duration for a Rights Issue, SEBI has decided to amend the SEBI (DIP) guidelines and the Listing Agreement. Reduction in timeline approved include: the number of days for the notice period for a Board Meeting will be reduced from 7 days to 2 working days; the notice period for record date will be reduced from 15/21/30 days to 7 working days for all scrips; issue period will be reduced from minimum 30 days to minimum 15 days with a maximum of 30 days and the time period for completion of post issue activity will be reduced from 42 days to 15 days. These changes in timeline would enable a right issue to be completed within about 43 days as against about 109 days currently available for a rights issue. The reduction in timelines would reduce the market risk faced by investors and issuers and would ensure faster turnaround of money for investors. 2. SEBI Board decides to revise pricing norms for QIP and Preferential Allotment SEBI guidelines for preferential and QIP require that the floor price for issue of securities shall be higher of the average of the weekly high and low of the closing prices of the shares during the two weeks or six months preceding the relevant date. The relevant date is defined as a date which is 30 days prior to the date when shareholders� meeting is held to approve the issue. In order to align the present pricing norms to the market, SEBI Board has decided to revise the pricing norms for QIP and Preferential allotment to the following effect: � Floor price may be based on the two weeks average for making a QIP or for making preferential allotment to QIBs. � Relevant date for QIP shall be the date on which the Board of the company or the Committee of Directors duly authorized by the Board of the company meets to take the decision to open QIP. No change is contemplated in relevant date for preferential allotment as the resolution for preferential allotment is valid only for 15 days as against one year for QIP. 3. SEBI Board approves modification to Clause 41 of the listing agreement SEBI Board today decided to amend the Clause 41 of the listing agreement. The major modifications are as follows: � Time limit for submission of financial results to stock exchanges: A listed entity in addition to submitting quarterly and year to date standalone financial results within one month of end of the quarter may also submit consolidated financial results to the stock exchange within two months from the end of the quarter. � Publication of financial results: A listed entity opting to submit consolidated financial results in addition to standalone results to the stock exchanges shall be required to publish consolidated financial results only. � Limited review report to be placed before Board of Directors: A listed entity would be required to place the limited review report on un-audited financial results before its board of directors / committee before submission to stock exchanges only if the variation (as defined in present Clause 41) between un-audited financials and financials amended pursuant to limited review for the same period exceeds 10%. � Submission of limited review report in case of last quarter: Where the listed entity chooses to submit un-audited financial results for the last quarter (instead of submitting audited financial results for the entire financial year within 3 months of end of financial year), the limited review report shall be submitted for the last quarter also. 4. Standardising format of Abridged Schemewise Annual Report and reduction in time period for dispatch to the Mutual Fund unit holders The Board in its meeting held on August 13, 2008 approved the proposal for prescribing and standardizing the format for Abridged Schemewise Annual Report and reduction in time period for dispatching the Annual Report to the Mutual Fund unit holders from 6 months to 4 months. The new time limit for dispatching will be made applicable for the Annual Reports of 2008-09 onwards. 5. SEBI Regional Office at Ahmedabad The Board today approved the opening of Western Regional Office of SEBI at Ahmedabad. This office will function in line with the functioning of our other three Regional Offices at New Delhi, Kolkata and Chennai and look after the regulatory aspects of investor protection and market regulation and supervision regarding issuers, investors and intermediaries. The Western Regional office would have territorial jurisdiction with respect to the states of Gujarat and Rajasthan for the present while matters with respect to Goa and Maharashtra would continue with the Head Office at Mumbai. It is expected that the regional office would become operational during the financial year 2008-2009. Mumbai August 13, 2008
Source: SEBI Date: 2008-08-14


PR No.149/2008 Consent order against M/s. SMC Global Securities Limited A Panel consisting of Whole Time Members of SEBI, Dr. T.C. Nair and Shri M.S. Sahoo has passed consent order dated August 08, 2008, on an application submitted by M/s. SMC Global Securities Limited in accordance with SEBI guidelines dated April 20, 2007 for consent orders. The applicant has remitted a sum of Rs.15 Lakh towards the terms of consent in the matter. The full text of the order is available on the website: www.sebi.gov.in Mumbai August 13, 2008
Source: SEBI Date: 2008-08-13


PR No.148/2008 Consent order in the matter of M/s. Galaxy Broking Ltd. A panel consisting of Chairman, Shri C.B.Bhave and Whole Time Member, Dr. T.C. Nair has passed a consent order dated July 23, 2008 in accordance with the SEBI Guidelines on consent order dated April 20, 2007 on the application submitted by the clients of M/s Galaxy Broking Limited,viz S/Shri Amrutlal Jivandas Gandhi, Anil Gandhi, Manish Ashar, Ms Sudhaben Gandhi, Priti Anil Gandhi, Pooja Anil Gandhi and M/s. Amrut Securities Limited, in the matter of inspection of M/s. Galaxy Broking Limited carried out by SEBI. The full text of the Order is available on the website www.sebi.gov.in Mumbai August 12, 2008
Source: SEBI Date: 2008-08-12


PRESS RELEASE PR No.147/2008 Orders against M/s. Ajmera Associates Pvt. Ltd., and M/s. Sanchay Fincom Ltd. in the matter of M/s. Granules India Ltd. Dr. T.C.Nair, Whole Time Member, SEBI has passed orders dated August 07, 2008 against M/s. Ajmera Associates Pvt. Ltd. and M/s. Sanchay Fincom Ltd. in the matter of M/s. Granules India Ltd. to the effect that the enquiry proceedings against the two brokers has been disposed of. The full text of the orders is available on the website: www.sebi.gov.in Mumbai August 08, 2008
Source: SEBI Date: 2008-08-09


PRESS RELEASE PR No.146/2008 Orders against M/s. Divya Jyot Securities, M/s. Bonanza Biotech Ltd., M/s. Coverage and Consultants Ltd., Shri Mitesh S. Shah and Shri Kamlesh Shah in the matter of M/s. Ojas Technochem Products Ltd. Dr. T.C.Nair, Whole Time Member, SEBI has passed orders dated August 07, 2008 against M/s. Coverage and Consultants Ltd., M/s. Divya Jyot Securities, M/s. Bonanza Biotech Ltd., Shri Mitesh S. Shah and Shri Kamlesh Shah in the matter of M/s. Ojas Technochem Products Ltd. M/s. Coverage and Consultants Ltd. has been restrained from accessing the securities market and also prohibited from buying, selling or otherwise dealing or associating with the securities market in any manner whatsoever for a period of two years for having contravened the provisions of Regulations 4(b) and (d) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995. M/s. Coverage and Consultants Ltd. were already restrained from accessing the securities market and also prohibited from buying, selling or dealing in securities either directly or indirectly for a period of seven years w.e.f October 22, 2007. This Order restraining and prohibiting M/s. Coverage and Consultants Ltd. from accessing the securities market for a period of two years will run concurrently. The show cause notices issued to M/s. Divya Jyot Securities, M/s. Bonanza Biotech Ltd., Shri Mitesh S. Shah and Shri Kamlesh Shah have been disposed of without any directions in the matter of M/s. Ojas Technochem Products Ltd. The full text of the orders is available on the website: http://www.sebi.gov.in/ Mumbai August 08, 2008
Source: SEBI Date: 2008-08-09


PRESS RELEASE PR No.145/2008 SEBI launches criminal prosecution against Sh. Rajeev Kapoor SEBI has filed another criminal complaint on 11.07.2008 against Sh. Rajeev Kapoor, proprietor of M/s Imax Equity Research, 501-502, Ansal Pragati Deep Tower, District Centre, Laxmi Nagar, Delhi for violation of Section 12 (1) of the SEBI Act, 1992 read with Regulation 3 of the SEBI (Portfolio Managers) Regulations, 1993,and Regulation 3 (c) and (d) of the SEBI (Prevention of Fraudulent and Unfair Trade Practices) Regulations, 2003 punishable under Section 24 (1) of the SEBI Act, 1992 in the court of Additional Chief Metropolitan Magistrate, Tis Hazari, Delhi. The punishment prescribed for these offences is an imprisonment for a term which may extend to 10 years or with fine which may extend to Rs. 25 Crore or with both. Investigations have revealed that Sh. Rajeev Kapoor is a habitual offender and has been operating in the securities market in complete violation of statutory provisions. Despite restraint orders, penalties and prosecutions launched by SEBI against him, he has not refrained from luring the public, committing fraud and operating as an unregistered portfolio manager. His modus operandi includes soliciting investments from public through grossly misleading advertisements, mass messaging, emails and telephone calls. Advertisements issued by him contain deceptive claims like �Loss 100% borne by us��, �Get 4% monthly fixed return..�. Such advertisements including the recent one in The Economic Times, Delhi edition on July 04, 2008 which is enclosed. He works through proprietary firms and keeps changing the names of the firms and also his location(s). The activities of Shri Rajeev Kapoor have been found to be in violation of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market), Regulations, 2003 and SEBI (Portfolio Managers) Regulations, 1993 leading to the aforesaid prosecution. Besides, SEBI has taken the following actions against Sh. Kapoor in the past as detailed below: During 2003, Sh. Rajeev Kapoor was carrying on the similar operations from Kolkatta through a proprietary firm viz. M/s Delta Alliance Financial Services Investments. The said firm was debarred by SEBI vide order dated Jan. 02, 2004 and Shri Rajeev Kapoor was directed to cease and desist from acting as an unregistered portfolio manager, from accepting deposits and also from publishing any advertisement luring the investors to invest in the securities market. Investigations indicate that after passing of the said order, Sh. Kapoor shifted his operations in the name of another firm viz. M/s Delta Alliance Investments at Kolkatta. SEBI passed another order on August 16, 2004 debarring this firm (whose proprietor was shown as one Ms. Santa Chakrabarty) from securities market. Despite the said orders, Shri Rajeev Kapoor continued to carry out similar operations; prosecution proceedings were launched against him by SEBI in the court of Chief Metropolitan Magistrate, Kolkatta for violating provisions of the SEBI Act and SEBI (Portfolio Managers) Regulations, 1993. SEBI had also initiated adjudication proceedings against Shri Rajeev Kapoor. The adjudication officer imposed a penalty of Rs 50,000/- vide order dated November 03, 2004, which he failed to pay leading to filing of another prosecution case against him in the court of Additional Chief Metropolitan Magistrate, Mumbai on January 16, 2006. Besides, there are numerous police cases pending against him by different State Police departments Shri Kapoor has been in judicial/ police custody on several occasions in the past. The members of the public are hereby cautioned and advised not to deal with Shri Rajeev Kapoor and M/s. Imax Equity Research and any of his firms, as his activities are unauthorized and in violation of SEBI Act 1992 and other relevant regulations. Mumbai August 08, 2008
Source: SEBI Date: 2008-08-09


PR No.144/2008 Re-allocation of debt investment limits The enhanced debt limits were allocated to entities on June 20, 2008 (Press Release No.127/2008). After assessing the utilisation of the same, the unutilised limits are being allocated to the entities in the waitlist. For corporate debt, the debt limits are being allocated lower down in the list after allocation to the entities in the waitlist. The list of the entities and the allocated limits is given in Annexure. In terms of the SEBI circular dated January 31, 2008, in case the allocated limits are not utilised by the entities by August 15, 2008, the same shall be withdrawn and allocated to the entities lower down in the list of requests received by SEBI on June 17, 2008. Mumbai August 05, 2008
Source: SEBI Date: 2008-08-05


PR No.143/2008 Consent order in the matter of M/s. Ballarpur Industries Ltd. (BILT) A Panel consisting of Shri C.B.Bhave, Chairman and Dr. T. C. Nair, Whole Time Member has passed consent order dated July 28, 2008, on application submitted by Shri Rajeev Shroff in the matter of M/s. Ballarpur Industries Ltd. alleged to be involved in 'customized front running', in accordance with SEBI Guidelines dated April 20, 2007 for consent orders. The applicant has remitted a sum of Rs.2.00 lacs towards the terms of consent in the matter and has also accepted to voluntarily undergo suspension from his sub-broking business for a period of six months from the date of passing the order. The full text of the order is available on the website www.sebi.gov.in Mumbai July 31, 2008
Source: SEBI Date: 2008-08-01


PR No.142/2008 Grant of exemption to Inox Leasing and Finance Limited & Others in respect of acquisition pursuant to Buy Back of Shares by Gujarat Fluorochemicals Limited Dr. T.C.Nair, Whole Time Member, SEBI has passed an Order dated July 24, 2008, granting exemption to the acquirers viz. Inox Leasing and Finance Limited & Others from making an open offer in terms of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of increase in their voting rights beyond 66.45% consequent to the proposed buyback of shares by M/s. Gujarat Fluorochemicals Limited (Target Company). Pursuant to the said increase in voting rights, there would not be any change in control of the target company. The Acquirer has to ensure that subsequent to the buy-back, the public shareholding shall not be reduced below 25% as required in the Listing Agreement. The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel recommended for exemption to the acquirer from making an open offer. The full text of the Order is available on the website www.sebi.gov.in Mumbai July 30, 2008
Source: SEBI Date: 2008-08-01