November 30, 2010
PR No. 257/2010
SEBI rejects
the exemption request of Dcom Systems Limited (Acquirer) for the
proposed acquisition of voting rights in M/s. Jaihind Projects
Limited (Target Company)
Dr. K.M. Abraham, Whole Time
Member, SEBI, has passed an order dated
November 26, 2010, rejecting the request for exemption to acquirer from the applicability of Regulation 11(1) and (2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 47.75% to 61.03% for the proposed acquisition of 24,90,000 equity shares of the target company, pursuant to the conversion of 24,90,000 warrants issued on preferential basis.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not consider that grant of exemption would be in favour of the public shareholders interest and consequently did not recommend any exemption.
Mumbai
November 30, 2010
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