• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

SEBI has put out a note saying Gammon Infra is banned from the IPO market for the next one year. So Gammon India has filed an appeal with SAT against the order. The Managing Director of Gammon India, Mr Pervez Umrigar, speaks about the same.

He says the SAT disposition could take two-three months. He further assures that Gammon Infra IPO ban will not impact the company's business. Excerpts from CNBC - TV18's exclusive interview:

What have you made of this latest ruling from SEBI?

We have received a clarification from SEBI what we had sought subsequent to Gammon India Ltd's order for a purpose of the draft filed by us for Gammon Infrastructure Projects Ltd IPO.

SEBI has since clarified and we have informed the stock exchange that Gammon Infrastructure is also covered under the ruling that for one year it cannot access the retail capital market. We have, at our end, similarly filed an appeal already with SAT (Securities Appellant Tribunal).We have informed that to the stock exchange as well.

When is the SAT hearing expected?

That is a process that we will have to see from SAT's side, but generally the disposition takes two-three months.

Any other additional restrictions on Gammon India, the listed entity at this point?

Absolutely nothing, either in terms of a business positioning or in case we want to go ahead with the fund raising plans by virtue of PEs etc. This purely stops you from accessing the retail capital market.

How do you read this ruling qualitatively?

There are two facets to it. As a corporate, obviously it's something that we don't like and have already appealed against. At the same point of time, as far as the business is concerned, we do not see any implications and we continue to grow on the business front as it is. We would like to continue to do that.

If indeed things come to a halt in terms of tapping the capital market, what will you do in terms of your plans for Gammon Infra?

Today, Gammon Infrastructure is already in liquid assets, it's done a private equity placement a year ago and as I said, if we still desire, we can always do a PE placement as well. So I don't think that maybe necessarily a business requirement for us immediately.

With your latest round of discussions with SEBI since the first order came in, have they sort of relaxed on their earlier harsh stance on what may have happened with the rights issue at all?

As of now, the only clarity that has come is on GIPL being under the ambit for one year. No, we have not had any further understandings, discussions on the matter with SEBI.

More Stories on : Interview | Real Estate & Construction

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Open offer to Dunlop, Falcon shareholders

Copyright © 2007, 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