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Our Bureau

Kolkata , Oct. 31

THE Calcutta High Court on Monday stayed an order by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) on October 21, which had stayed the exemptions granted by Board of Industrial and Financial Reconstruction (BIFR) towards the Rs 50-crore rights issue by Jessop & Co.

According to an official spokesperson of Jessop, BIFR has granted the company exemption from complying with the SEBI norms for a rights issue. The relief was granted in view of the fact that 99 per cent of the equity capital of Jessop is held by the Union Government and the Ruia Group.

The exemption was challenged by Titagarh Industries at the AAIFR, and based on the petition, the appellate body stayed the exemption. However, the rights issue was opened on October 26 as per schedule, since AAIFR did not issue a stay order on the rights issue. The issue will close on Tuesday.

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