Civil Appeal No(s) 7304 of 2003 Luxottica Group Spa & ors v/s SEBI

IN THE SUPREME COURT OF INDIA

CIVIL  APPELLATE  JURISDICTION

CIVIL APPEAL NO(s). 7304 OF 2003

  
LUXOTTICA GROUP SPA & ORS.                                                Appellant (s)
                                                      
 
 
                                       VERSUS
 
 
 
SECRURITIES & EXCHANGE BOARD OF INDIA                             Respondent(s)
 
                      
 
 
                                                                                 WITH
 
 
 
 
                                                              CIVIL APPEAL NO. 8540 of 2003
 
 
 
 
 
                                                                       O   R    D    E    R
 
 
 
 
 
   CIVIL APPEAL NO(s). 7304 OF 2003
 
 
 
 Heard the parties.
 
 
 
It is observed that the issues raised in this Appeal are partly covered by the Judgment of this Court in the case of    Clariant International Ltd. and Another     vs.   Securities  & Exchange Board  of  India,    (2004)  8 SCC  524.  In view thereof,  the following directions are issued :-
 
 
 
(i)    The Appellants will make the public announcement
       Of the offer within a period of 45 days from the 
       Date of this Order having regard to the referral 
       date as 28.04.1999.
 
 
(ii)    The Appellants will pay the offer price with 
        interest at the rate of 10%   per annum with 
        effect from 27.08.1999 till   the   date   of   
        payment   to   all   those   who   were 
        shareholders   on   27.08.1999   and   continue   
        to   be shareholders of the target Company on the 
        closure date of the public offer.
 
 
 
 
 
The   Bank   guarantee   furnished   under   Order   dated   17th  November, 2003   in   favour   of   the   respondents   shall   be   kept   alive   till   conclusion   of   the purchase pursuant to the public announcement and offer.
 
 
 

The Appeal is disposed of in the aforesaid terms. No costs.
 
 
 
 
                                                                 CIVIL APPEAL NO. 8540 of 2003
 
 
 
In   view   of   the   Orders   passed   today   in   CIVIL   APPEAL   NO.   7304   OF 2003, no orders are required to  be passed in this Appeal.
 
 
 
The Appeal is, accordingly, disposed of.  No costs. 
 
 
 
                  
 
 
 
                                                                                                    ........................................J.(B.N. AGRAWAL )
 
 
 
 
 
                                                                                                    .........................................J. (A.K. MATHUR)
 
NEW DELHI;
 
DECEMBER 12, 2006.