September
30, 2008
PR No. 198/2008
Rejection of exemption application of M/s. Futuristic Garments (P) Ltd. for the proposed acquisition of shares in M/s. Surya Pharmaceuticals Ltd.
Dr. T C Nair, Whole Time Member, SEBI, has passed an order dated September 24, 2008, rejecting the application of M/s. Futuristic Garments (P) Ltd. seeking exemption from applicability of Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 35.15% to 51% pursuant to the proposed acquisition of 45,10,000 equity shares (directly and indirectly) so as to reach 51% as per the requirement of IDBI.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer.
Mumbai
September 30, 2008
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