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May 31, 2006
PR No.
144/2006
Rejection of request for exemption for proposed acquisition of shares of Vas Animations Ltd.
An Order dated May 19, 2006 was passed by Dr. T.C.Nair, Whole Time Member, SEBI rejecting the application dated February 2, 2006 filed by the acquirers, Smt. Sangeeta Jayesh Valia and Shri Chintan Kanakia for the grant of exemption for the proposed preferential allotment of 50,00,000 equity shares of Vas Animations and Entertainment Ltd. (target company).
The target company had filed an application under regulation 4(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 seeking exemption from the applicability of regulations 10, 11 of the Takeover Regulations with respect to the proposed preferential allotment of 50,00,000 shares of the target company to the acquirers. The application was forwarded by SEBI to the Takeover Panel. The Panel did not recommend grant of exemption to the acquirers from making an open offer.
Mumbai
May 31, 2006
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