Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an order dated May 24, 2012 granting exemption to the acquirers namely Mr. R. Veeramani, Mr. S. R. Asaithambi, R. Sekar and Mr. S. R. Kumar from the applicability of regulation 3 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 [Takeover Regulations] in respect of their proposed acquisition of 2,00,00,000 equity shares of the Target Company pursuant to conversion of unsecured loan of Rs. 10 crore.

The applicant has filed the application dated October 18, 2011 seeking the said exemption.

The full text of the order is available on the website: www.sebi.gov.in