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SEBI to look into Grasim delay

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Mr G.N. Bajpai, Chairman, SEBI, with Ms Clara Furse, CEO, London Stock Exchange (LSE), addressing a press conference in Mumbai on Wednesday.

MUMBAI, Nov. 20

THE SEBI Chairman, Mr G.N. Bajpai, today said the capital market regulator will look into the delay by Grasim's merchant banker to inform Larsen & Toubro's shareholders about SEBI's advise to put the open offer on hold.

Speaking to newspersons on the sidelines of the London Stock Exchange function, Mr Bajpai said that the market regulator cannot be held responsible for the failure on the part of the corporate to communicate information `in time' to shareholders.

SEBI's letter to Grasim's merchant banker, Morgan Stanley, advising it to put on hold the open offer was disclosed only after eight days of receiving it.

Mr Bajpai said SEBI would look into the legal and regulatory provisions.

Meanwhile, Mr Kumar Mangalam Birla, Chairman, Aditya Birla group, told newspersons that "we have followed all legal requirements and that there is no issue of corporate governance involved here."

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