Sebi seeks legal opinion on open offer

Sebi seeks legal opinion on open offer
Published: 31 May 2005

The Indian Securities and Exchange Board of India (Sebi) has sought legal opinion from its legal department over the issue of clearance of open offer of Accurate Finstock Pvt Ltd (acquirer) and Adani Port Infrastructure Ltd (person acting in concert, PAC) for the minority shareholders of Everest Industries Ltd (EIL). The public announcement (PA) for the same was made by Enam Financial Consultants Pvt Ltd, manager to the offer, on January 24, 2005. More than four months have elapsed and Sebi is yet to clear the offer as a lot of internal discussion in its takeovers division is going on the issue, sources said. A senior Sebi official told FE, "we’ve sought legal advise on the issue of clearance of the offer and we are looking at the issue from all the possible facets. Once we receive the legal opinion, we will take the decision on clearing the offer," he added. The Associated Cement Companies (ACC) hold significant holding in EIL (formerly Eternit Everest Ltd).