SEBI told to probe charges against promoters of 3 firms

PALAK SHAH Mumbai | Updated on November 14, 2019 Published on November 14, 2019

The Securities and Appellate Tribunal (SAT) on Thursday ordered SEBI to conclude in a time-bound manner its investigations into a complaint filed on its online platform SCOREs, which alleged that wrongful disclosures were made by the promoters of Bharat Nidhi Ltd (BNL), PNBF and Camac.

The three companies are owned and controlled (through series of cross-holdings) by Vineet Jain and Samir Jain, chairman and vice-chairman of Bennett, Coleman & Co. Ltd. (BCCL) (along with its group companies commonly known as the ‘Times Group’), the complainant has said.

SAT observed that a complainant Ashok Shah has repeatedly highlighted various facts which would go on to demonstrate that BNL, PNBF and Camac, part of the Times group, have repeatedly incorrectly declared that they are professionally managed companies without any promoters. BNL, PNBF and Camac hold 24.41 per cent, 9.29 per cent and 13.30 per cent shares, respectively, in BCCL.

The complainant alleged that these companies (listed in the regional stock exchanges) had failed meet the minimum public shateholding norm.

Besides, various complaints have been filed with SEBI in a matter involving undervaluation of the proposed buyback offer by BNL, which is one of the promoters of BCCL BNL was listed on one of the regional stock exchanges and wanted to delist for which it had to offer an exit to its shareholders. Hence, a buyback offer.

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Published on November 14, 2019
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