February 19, 2010
PR No. 046/2010

Rejection of exemption application of M/s Marathon Realty Private Limited for the proposed acquisition of shares in
M/s. Citadel Realty and Developers Limited

Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated February 17, 2010, rejecting the application of M/s Marathon Realty Private Limited (Acquirer) seeking exemption from applicability of Regulation 11(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations] with respect to the proposed increase in percentage shareholding and voting rights of the promoter group from 61.29% to 66.81% in M/s Citadel Realty and Developers Limited, pursuant to the proposed acquisition of 5,93,755 equity shares by way of preferential allotment.

The application seeking exemption from the provisions of the Takeover Regulations was forwarded by SEBI to the Takeover Panel. 
Takeover Panel did not recommended the grant of exemption to the acquirers from making an open offer.

February 19, 2010


For full copy of order against CITADEL REALTY & DEVELOPERS LTD., click here.