Bajoria buys more Bombay Dyeing shares

In a fresh move, Arun Bajoria entity Mega Resources Ltd has picked up additional 560,000 shares of Bombay Dyeing and Mfg Co Ltd taking Bajoria and associates holding to 4.9 per cent.

The company picked up 500,000 shares through an off-market deal and rest through market transaction on April 3, Kolkata-based MRL informed the National Stock Exchange on Wednesday.

Following this transaction, MRL would hold 3.38 per cent stake (13,25,128 shares) in the textile company, Arun Kumar Bajoria - 0.10 per cent (40,000 shares), Mohini Devi Bajoria - 0.20 per cent (80,000), Lata Bajoria - 0.28 per cent (110,000), Pooja Bajoria - 0.20 per cent (80,000), and Mega Stocks Ltd - 0.74 per cent shares (290,000 shares).

The Bombay Dyeing scrip ended at Rs 45.20 on April 3 on the National Stock Exchange and later closed at higher levels at Rs 45.40 on April 4, 46.50, 46.10 on April 7 and 8.

On March 19, 2002, the Securities Appellate Tribunal had set aside the Securities and Exchange Board of India order (August 2001) barring Bajoria, MRL and associates from accessing the capital market and dealing in securities for one year.

Sebi in its order had stated that Bajoria and associates had failed to inform the company about their holdings within four days as required under the takeover regulations.

However, SAT had ruled that the takeover regulations of 1997 and other provisions used by Sebi to deal with failure on the part of Bajoria and Associates to disclose their holding to Bombay Dyeing does not empower the market regulator to totally ban dealing in securities.