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Tuesday, Apr 13, 2004

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SEBI calls for meeting with merchant bankers — May discuss ONGC allotment issue

Veena Venugopal

Mumbai , April 12

SECURITIES and Exchange Board of India has called for a high-level meeting of merchant bankers on Tuesday.

The agenda for the meeting is unstated but merchant-banking sources told Business Line that the meeting would discuss the ONGC muddle and consider actions to ensure that a repeat performance is avoided. The meeting is to be attended by only Chief Executive Officers of merchant banks, stated a source.

Meanwhile, a final meeting between MCS, Karvy and Ministry of Disinvestment also took place today. The meeting was to ensure the status of the reconciliation effort and tackle any other problem that the original registrar MCS is facing in the process of completion of allotments and share transfers.

"Credits to all investors have been given and a provision for help line would be set in place to ensure that investors can call and make enquiries, if any," said a source.

The basis of allotment for the ONGC deal is expected to be announced on Tuesday.

Investors, who are yet to do so, would have to contact their depository participant to activate accounts.

While allotments, transfer and refund to all valid applications have been completed, in cases where details of the depository account or other crucial information is missing, MCS would be getting in touch via postal mail and effecting the transaction, sources confirmed.

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