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July 13, 2001
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Money > Business Headlines > Report July 13, 2001 |
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Sebi likely to probe Carrier Air buybackRakesh P Sharma The Securities and Exchange Board of India is planning to look into the buyback offer of Carrier Aircon. The move follows complaints from the company's shareholders that Carrier Aircon shifted the record date for dividend beyond the buyback offer, which would deprive the Indian shareholders of the right to receive dividend. Sebi is already probing the alleged insider trading in Carrier Aircon shares prior to the announcement of the buyback offer. The US-based Carrier Corporation on May 27 had announced its plan to buy out the outstanding 49 per cent stake in its Indian subsidiary, Carrier Aircon, at Rs 100 per share. The open offer is being made through Carrier International Mauritius Ltd, a Carrier Corporation subsidiary, and Carrier Singapore Pte. The offer, which opened on July 2, will close on July 31. In case the buyback offer goes through, the company would be de-listed from stock exchanges. The company's book closure period for the financial year ended March 2000 was from August 29 to September 9, while for March ending fiscal 2001 it shifted the date to September 18-27. Under the listing agreement of stock exchanges, a company should announce book-closure within one year from last year's book-closure. It may be recalled that Carrier Aircon had earlier postponed their board meeting to consider its accounts and dividend stating that few clarification were required by the company's board of directors. But the company shareholders argue that the postponement of board meeting to declare dividend was to deprive the shareholders of the right to receive dividend. Carrier Aircon had posted a 31.08 per cent drop in net profit at Rs 63 million for the financial year ended March 31, 2001, compared with Rs 91 million in the previous fiscal. Total income during the period was up at Rs 3.86 million (Rs 3.20 million). Powered by YOU MAY ALSO WANT TO READ:
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