PR No.18/2011
Rejection of the exemption request of Mr. Ronojoy Mazumdar and others for the proposed acquisition of shares with voting rights in M/s. Jainex Aamcol Limited under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 [Takeover Regulations]
Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated January 17, 2011 rejecting the application filed by Mr. Ronojoy Mazumdar (on behalf of himself and others acquirers) for exemption from the applicability of Regulation 10 & 11 of Takeover Regulations in respect of their proposed increase in shareholding/voting rights from 45.75% to 74.92% pursuant to proposed acquisition of 8,10,000 equity shares through preferential allotment by M/s. Jainex Aamcol Limited.
In accordance with SEBI order dated June 15, 2010, the aforementioned application seeking exemption was remanded back to the Takeover Panel for being considered afresh taking into account the submissions made by the acquirers. The Panel again did not recommend grant of exemption to the acquirers.
The full text of the order is available on the website: www.sebi.gov.in
Mumbai
January 20, 2011