PR No.249/2010
Directions under Regulation 44 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Takeover Regulations) against M/s Nirvana Holdings Private Limited (NHPL), Ms. Nara Bhuvaneshwari and Mr. Nara Lokesh (the noticees) in the matter of Heritage Foods (India) Limited (Target Company)
Dr. K.M. Abraham, Whole Time Member, SEBI, has passed an order dated November 9, 2010, directing NHPL to:
1. disinvest 1,34,905 shares (constituting 1.17% of the equity capital) of the Target Company, within a period of two months from the date of the order and transfer the profits, if any, arising out of such disinvestment, to the Investor Protection Funds of the concerned stock exchanges.
2. appoint a merchant banker for the purpose of carrying out such disinvestment, who shall file a report to the Securities and Exchange Board of India detailing the compliance of the above direction within two weeks from the date of such compliance.
3. take effective steps to classify its shareholding in the Target Company, under the promoter category of the said company.
The full text of the order is available on the website www.sebi.gov.in
Mumbai
November 10, 2010
