Order in the matter of proposed acquisition of voting rights of
M/s. Deccan Chronicle Holdings Limited (target company)
Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated April 15, 2011, granting exemption to Mr. T. Venkattram Reddy, Mr. T. Vinayak Ravi Reddy, Mr. P.K Iyer and Mrs. T. Urmila Reddy (the acquirers) from the applicability of Regulation 11 (2) of the SEBI (SAST) Regulations, 1997 in respect of their proposed increase in voting rights from 63.37% to 73.83% pursuant to a proposed buy-back of equity shares by the target company.
The application seeking exemption from the provisions of the SEBI (SAST) Regulations was forwarded by SEBI to the Takeover Panel. The Takeover Panel was in favor of recommending the grant of exemption to the acquirers from making an open offer.
The full text of the order is available on the website: www.sebi.gov.in
Mumbai
April 18, 2011