Search the Internet          Tips  Sites: Finance, Investment

Sebi urged to stay L&T open offer

Investors' Grievances Forum urged the Securities and Exchange Board of India to stay Grasim's open offer in Larsen & Toubro at Rs 190 per share alleging that small investors were not getting a fair deal.

IGF president and Bharatiya Janata Party MP Kirit Somaiya told reporters on Monday that the small investors have been offered only Rs 190 per share while the corporates like Reliance Industries have got Rs 306 per share.

He alleged: "It is happening with the direct and indirect support of SEBI, Department of Company Affairs, regulators and major investors and financial institutions including General Insurance Corporation, Unit Trust of India and Life Insurance Corporation".

He said these institutions and regulators are already helping more than 35 per cent of L&T at 190. ''It is with the help of them that two members of the Birla group have become directors'', he said.

Kirit Somaiya said that after SEBI's judgment on violation of takeover code, these institutions did not file any complaint till now with the regulators or any others. He alleged: "After the takeover of L&T, ITC is the next target.''

The IGF president said that the financial institutions should have called for an EGM to discuss all these issues. However, he did not comment whether he will approach the Union finance minister to take action on this issue.

UNI

ALSO READ:
More Money Headlines

Tell us what you think of this report