April 26, 2010
PR No.
102/2010
SEBI rejects the exemption request of Dr. Arvind Kumar B. Shah (Hindu Undivided Family) and M/s. Narit Tradecom Private Limited (Acquirers) for the proposed acquisition of voting rights in M/s. Arvind Remedies Limited (Target Company).
Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated April 26, 2010, rejecting the request for exemption to acquirers 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 25.32% to 45.91% pursuant to the Target Company�s proposed preferential allotment of equity shares.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel was in favor of recommending the grant of exemption to the acquirers from making an open offer.
Mumbai
April 26, 2010
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