The Hindu Business Line : SEBI initiates adjudication process against 3 firms on FAL Ind dealing

THE Securities and Exchange Board of India (SEBI) has ordered the initiation of adjudication proceedings against Shapoorji Pallonji and company, Sterling Investments Corporation (Pvt) Ltd and Cyrus Investments Ltd.

Adjudication proceedings are for the delay in compliance with the provisions of SEBI's substantial acquisition of shares and takeover regulations in the acquisition of shares and control in FAL Industries Ltd.

"It was only after issuance of show-cause notice and initiation of regulatory proceedings by SEBI that the acquirers have made the open offer to the shareholders of FAL Industries.

"In the process, the open offer has been made after almost 2 years of delay. It can be reasonably inferred that but for the show-cause notice issued by SEBI, the acquirers would not have made the public offer.

"In the circumstances, the delay in compliance with the regulatory requirement needs to be appropriately dealt with," says the order of Mr T.M. Nagarajan, whole-time Member, SEBI.

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