June 19, 2009
PR No. 195/2009
SEBI rejects the exemption request of M/s Futuristics Garments Private Limited (acquirer) for the proposed acquisition of voting rights in M/s. Surya Pharmaceuticals Limited (target company)
Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated June 16, 2009, not granting exemption to M/s. Futuristic Garments Private Limited (acquirer) from the applicability of Regulation 11(1) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997, in respect of their proposed increase in voting rights from 35.15% to 51% pursuant to the target company�s proposed preferential allotment of zero coupon convertible share warrants optionally convertible into equity shares.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel was not in favor of recommending the grant of exemption to the acquirers from making an open offer.
Mumbai
June 19, 2009
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