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June 11, 2001
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Money > Business Headlines > Report June 11, 2001 |
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Sebi meet Monday to discuss VST offersBaburajan K Securities and Exchange Board of India has decided to meet on Monday to discuss the fate of the open offers made by Bright Star Investment and Russell Credit for VST Industries. Top Sebi officials will decide whether the offers by the two parties should be postponed in the wake of the Andhra Pradesh high court order. As announced earlier, both the offers close on June 13. "Till Saturday evening, we had not received the court order. We are expecting to get it on Monday. Based on the verdict, we will decide whether the open offer can continue or not. If the order is in line with the Delhi HC order, we will be able to allow the parties to go ahead with the offer, but allotment of shares will be postponed," a top Sebi official said on Sunday. The meet will also discuss drafting Sebi's replies to the HC order. On Friday, the Andhra Pradesh HC restrained both Bright Star and Russell Credit from proceeding further in acquiring VST shares. The petitioners had argued that both the letters of offer are misleading and detrimental to the interests of VST. They also argued that the offers are in violation of the provisions of the Sebi Act and Sebi Takeover Regulations of 1997. The petitioners had also alleged that Sebi's permission to allow open offers by the two had various infractions. The Centre, Sebi, Bright Star, Russell Credit and VST were made respondents to the petition. The Sebi meet is also expected to discuss the recent spurt in VST share prices. Though Sebi may not order a probe into the suspicious price movements in the VST scrip, Sebi officials are planning to take some action. Recently, ASK-Raymond James, advisor to Bright Star, had asked Sebi to investigate suspicious price movements in VST shares despite the scrip being in the no-delivery period. Powered by YOU MAY ALSO WANT TO READ:
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