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PRESS RELEASE - SEBI

November 08, 2006
PR No. 246/2006

Order against Meghraj SP Corporate Finance (Private) Limited (formerly known
as Meghraj Financial Services (India) Pvt. Ltd.)

Whole Time Member, SEBI has passed an order dated November 08, 2006, imposing a minor penalty of censure against Meghraj SP Corporate Finance (Private) Limited (formerly known as Meghraj Financial Services (India) Pvt. Ltd.), Merchant Banker with registration number INM 000001220, for its failure to exercise due diligence in the matter of acquisition of shares of SRP Tools Ltd. pursuant to an open offer by the acquirers.
 

Mumbai

November 8, 2006


 

For full copy of order against M/S. MEGHRAJ SP CORPORATE FINANCE (PRIVATE) LIMITED click here.



For full copy of order against ANDAVAR INVESTMENTS PVT.LTD., click here.

For full copy of order against MEGHRAJ FINANCIAL SERVICES (INDIA) PVT.LTD., click here.

For full copy of order against RAMANATH INVESTMENTS PVT.LTD., click here.

For full copy of order against SUBRAMANIAN INVESTMENTS PVT.LTD., click here.

For full copy of order against VALLIAMMAI INVESTMENTS PVT.LTD., click here.

PRESS RELEASE - SEBI

September 16, 2004
PR No. 231/2004

In the matter of proposed acquisition of the entire balance public shareholding in M/s. SRP Tools Ltd. by M/s. Andavar Investments Pvt. Ltd. and persons acting in concert

An Order dated August 31, 2004 was passed by Shri T.M. Nagarajan, Whole Time Member, SEBI directing M/s. Andavar Investments Pvt Ltd., M/s. Subramanian Investments Pvt. Ltd., M/s. Valliammai Investments Pvt. Ltd. and M/s. Ramanath Investments Pvt. Ltd.(�the Acquirers�) to make a fresh public offer under the Securities and Exchange Board of India (Delisting of securities) Guidelines, 2003, with regard to the acquisition of remaining shares of M/s. SRP Tools Ltd. within a period of 45 days from the date of order. 
 
As per the aforesaid Order, the promoters of the Target Company, who were already holding 74.998% of its share capital, made a public announcement to acquire the balance shareholding from the public. The intended acquisition of the balance shareholding of the Target Company by the promoters would clearly fall within the purview of the delisting guidelines. It was therefore felt appropriate, in the interest of public shareholders, to insist on the acquirers to abide by the delisting guidelines for proposed acquisition of the entire balance shareholding from the public.
 
  
Mumbai
 
September 16, 2004

 
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