January 12, 2012
PR
No. 005/2012
Rejection of request for exemption of M/s. Futuristics Garments Private Limited (Acquirer) for the
proposed acquisition of shares of M/s. Surya Pharmaceuticals Limited (Target Company)
Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an order dated January 9, 2012, rejecting the
request for exemption to the acquirer from the applicability of Regulation 10, 11, 12 of SEBI (Substantial Acquisition
of Shares and Takeover) Regulations, 1997, in respect of the proposed increase in shareholding of the promoters
from 38.11% to 45.50%, pursuant to the conversion of 27,50,000 warrants issued on preferential basis.
The application seeking exemption was forwarded by SEBI to the Takeover Panel. The Panel did not consider grant
of exemption in the interest of public shareholders.
Mumbai
January 12, 2012
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