Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
July 7, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report July 7, 2001 |
Feedback
|
|
|
Damanis seek VST board berth, may move SC on open offerBaburajan K & G Singa Rao The Damanis-promoted Bright Star Investment is planning to seek berths on the board of the cigarette major VST Industries following the mopping up of additional stake from the recent open offer made to the minority shareholders. "We are weighing various possibilities regarding our nominees on the VST board. Several options are open to the promoters of Bright Star," John Band, chief executive officer of ASK Raymond James, advisor to Bright Star, told Business Standard. This development also signals that the Damanis, now with around 20 per cent stake in VST, are seeking to have a say in the decision making process of the company. However, with less than 25 per cent stake, they will not be able to block any board resolution. Bright Star is understood to have received a lukewarm response to its open offer. It could corner only around 20 per cent equity stake in VST Industries following the open offer. The company is also planning to move the Supreme Court to avail of an extension of the open offer. Meanwhile, the Andhra Pradesh High Court on Friday dismissed the public interest litigation against the Securities and Exchange Board of India, Bright Star and Russell Credit. The court has also denied an extension for the open offer. While dismissing the petition, the single bench upheld the contentions of the Bright Star, that there was no violation of takeover regulations in making the open offer. Bright Star had also submitted that it had made all the disclosures that were required as per the regulations. On the question of extending the open offer to compensate for the stay period, the court upheld the contentions of the Sebi that there was no need for it since there was no bar on accepting the shares even during the stay period. Bright Star was planning to approach the public again to mop up further shares in anticipation of an extension. Powered by YOU MAY ALSO WANT TO READ:
ALSO READ:
|
||||
