Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
June 19, 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 June 19, 2001 |
Feedback
|
|
|
HC adjourns hearing on VST issue to June 20Syed Amin Jafri in Hyderabad The hearing of the writ petitions relating to the open offer for acquisition of shares of VST Industries Limited by Bright Star Investments and Russell Credit has been adjourned to Wednesday. When the petitions listed came up before the court on Tuesday, Justice A Gopala Reddy said that he would postpone the hearing to Wednesday if all the counsel agreed. When they concurred, the judge posted the matter for hearing at 2.15 pm on Wednesday. It may be recalled that a petition was filed by two shareholders of VST, following which the judge had granted interim stay on June 8 on the acquisition of shares by the rival parties -- Bright Star and Russell Credit-and restrained them from making further offers. Thereafter, two other shareholders also filed petitions to implead themselves in the main writ petition. Subsequently, Bright Star and Russell Credit and a shareholder filed "vacate petitions" in the high court, seeking vacation of stay on the open offer. The Securities and Exchange Board of India, Bright Star and Russell Credit filed their counters to the main petition. The original petitioners, too, filed their reply to the vacate petitions moved by Bright Star, Russell Credit and a shareholder. "Now the pleadings of all the parties are complete. We are waiting for the matter to be adjudicated," the counsel for the petitioner said. A bidding war for a higher stake in VST has been raging for the past four months between Bright Star and Russell Credit. In mid-February, the Bright Star made an offer for an additional 30 per cent state in the Hyderabad-based tobacco major to raise its shareholding from 16 per cent to 46 per cent in the VST's equity. Russel Credit bid for a stake of 20 per cent. The two sides have been revising their open offers to increase their stake. While Bright Star's final offer stands at Rs 151 per share, the Russell Credit offers Rs 125 per share. Both the offers closed on June 13. |
||||
