Financial Daily from THE HINDU group of publications
Wednesday, Sep 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 22, 2004 |
||
|
|
||
|
Home Page
-
Regulatory Bodies & Rulings Markets - Investor Protection SEBI filing review petition on Colour Chem verdict Jayanta Mallick
Kolkata , Sept. 21 THE Securities and Exchange Board of India is filing a review petition before the Supreme Court against the apex court's verdict, pronounced on August 25, 2004, on the Colour-Chem Ltd (CCL) case. Mr R.S. Loona, SEBI Executive Director (in charge of legal affairs), told Business Line from Mumbai that the regulator decided, today, to file the review petition "on various issues including that of interest payable to the CCL shareholders". Top SEBI officials, including Mr G.N. Bajpai, the Chairman, have taken the decision to protect the interest of the retail shareholders as the deadline for filing the review petition (30 days from obtaining the copy of the order) expires this week. According to the apex court order, the payment of interest on the open offer price is restricted to those who continue to hold CCL shares as on February 24, 1998 till the offer closing date of December 3, 2004. EBITO Chemiebeteiligungen AG (the acquirer of Colour-Chem), Clariant AG and Clariant International (persons acting in concert with the acquirer) have already issued a public announcement for an open offer of 20 per cent stake in CCL through HSBC Securities and Capital Markets. The offer is for 23,30,000 equity shares of Rs 10 each at a price of Rs 318 per share. The interest payable on the offer price, computed up to June 21, 2003 (at 10 per cent from March 22, 1998 after deducting dividends paid), is Rs 117 per share. The offer opens on November 3, this year. The specified date for the purpose of determining the names of eligible shareholders (to whom the letter of offer would be sent) is September 24.
More Stories on : Regulatory Bodies & Rulings | Investor Protection | Courts/Legal Issues | Chemicals
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|