India: Sat sets aside Sebi order against Holcim

India: Sat sets aside Sebi order against Holcim
Published: 02 June 2008

The Securities Appellate Tribunal has set aside an order passed by the Securities and Exchange Board of India against Holcim (India) Pvt Ltd. The market regulator had imposed a fine of Rs25 crore on Holcim for alleged violation of the takeover code while acquiring shares in Associated Cement Companies Ltd. Holcim was alleged to have indirectly acquired 76.01 percent in the equity share capital of Everest Industries Ltd in Apr 2005 when it was in the process of acquiring 34.71 percent stake in ACC.