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PUBLIC
ANNOUNCEMENT FOR THE ATTENTION OF THE EQUITY SHAREHOLDERS OF
SHARP
TRADING & FINANCE Limited
Registered
Office: B-3, Gandhi Mansion, 14/16, Bomani Master Lane, Kalbadevi Road, Mumbai �
400002, Maharashtra, India. This
Public Announcement has been issued by the Manager to the Offer i.e. Doogar
& Associates Limited, on behalf of the Acquirers, Mr Sujit Kumar Singh (a
Resident but not Ordinary Resident Indian) and Mr Shekhar Keshav Mandrekar,
pursuant to Regulation 10 and Regulation 12 as required under the Securities and
Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 (hereinafter referred to as �SEBI (SAST) Regulations, 1997�)
and subsequent amendments thereto. 1.
The
Offer 1.1 Mr
Sujit Kumar Singh and Mr Shekhar Keshav Mandrekar, (hereinafter referred to as �The Acquirers�) are making an Open
Offer pursuant to Regulation 10 and Regulation 12 and in compliance with the SEBI (SAST)
Regulations, 1997. There are no Persons Acting in Concert (hereinafter referred
to as �PAC�) with the Acquirers for
the purpose of this Offer. 1.2 The
Acquirers have entered into two separate Share Purchase Agreements (Acquisition
Agreements / Agreements) to acquire a majority stake and management control of
SHARP TRADING & FINANCE LIMITED (hereinafter referred to as �STFL� or �the Company�), having its Registered
Office at B-3, Gandhi Mansion, 14/16, Bomani Master Lane, Kalbadevi Road, Mumbai � 400002,
Maharashtra, (hereinafter referred
to as �Target Company�). 1.2.1
The
Acquirers have entered into an agreement on, Friday, May 23, 2003 with the existing promoters of the Target Company,
namely, Mr Gopalji D Bhanushali
(holding 1,000 shares), Mr Narendra
G Bhanushali (holding 1,000 shares),
Ms Laxmiben G Bhanushali (holding 700 shares), Ms Hansa N Bhanushali (holding 700
shares), (all Indian Inhabitants,
having their address at 13,
Ghanshyam Bhavan, Gupta Road, Vishnu Nagar, Dombivli (West)), Mr Shankerlal G Bhanushali (holding
1,500 shares), Mr Zaver S Bhanushali
(holding 30 shares) (both Indian Inhabitants, having their address at 24,
Vaishali Apartment, 353/2B, R B Mehta Road, Ghatkopar (East), Mumbai - 400 077),
hereto hereinafter collectively referred to as the �Promoter-Sellers�, for the purchase of
4,930 fully paid up equity shares of Rs 10/- each (Rupees ten only) of the
Target Company, representing 2.01 percent of the issued, subscribed and paid up
equity share and voting capital of the Target Company, at a price of Rs. 11/-
(Rupees Eleven Only) per equity share (Negotiated Price), payable in cash. 1.2.2
The
Acquirers have also separately entered into another agreement on Friday, May 23,
2003 with Mr Umesh K Gawand Indian Inhabitant,
having his address at 462, 1/4, Shri Ram Bhuvan, King's Circle, Matunga, Mumbai
- 400 019, and Mr R S Salvi, Indian
Inhabitant, having his address at R/2, Shivshankar Society, Gautam Nagar, Array
Colony, Goregaon (East), Mumbai - 400 065, jointly representing themselves and
other shareholders of the Target Company, namely, Prakash Gadse , Integral Exim Ltd. , , Nitesh Kabra, ,Dilip Kumar Dave, Satyakunj Investment Pvt. Ltd. , Shalimar Agro Products Ltd. , Maharashtra Industrial Leasing &
Investment Ltd., Pravin Rayani,
Ramesh Kumar Jain , Kapish Packaging Pvt. Ltd., Asha T Kothari, hereto hereinafter
collectively referred to as the �Non-promoter-Sellers� for the purchase
of 129,720 fully paid up equity shares of Rs 10/- each (Rupees ten only) of the
Target Company, representing 52.95
per cent of the issued, subscribed and paid up equity share and voting
capital of the Target Company, at a price of Rs. 11/- (Rupees Eleven Only) per
equity share (Negotiated Price) payable in cash. 1.3 The
Acquirers intend to make an Open Offer in terms of the SEBI (SAST) Regulations,
1997 to the shareholders of STFL (other than those mentioned in para 2 above),
whose names appear on the register of members on
Specified Date i.e. Monday, June
16, 2003, to acquire from them 49,000 equity shares at a Offer Price of Rs
11/- (Rupees Eleven only) per share (herein after referred as �Offer price�) being 20% of the issued and paid up
equity share and voting capital of the Target Company. 1.4 Equity
shares of STFL are listed on The Stock Exchange, Mumbai. The shares are
infrequently traded and as per the data available, no trading has taken place
during the last three years (Source: www.bseindia.com). The Offer Price
of Rs. 11/- per fully paid up equity share has been arrived at as per the
Regulation 20 of SEBI (SAST) Regulations, 1997, taking into account the
Negotiated Price of Rs 11/- (Rupees Eleven) per share and other parameters based
on last three years audited / un-audited results published by the company as
on March 31st, 2001(
Audited), March 31st 2002 (Audited) and March 31st 2003
(Un-audited), such as book value of Rs. 10.97, Rs.10.98 and Rs.11.01, EPS
of 0.501, 0.405 and 4.081 paise and
negligible return on net worth during last three years
respectively. 1.5 The
Acquirers have not purchased any shares of the Target Company during the 12
month period prior to the date of Public Announcement. 1.6 As
on the date of Public Announcement, the Acquirers do not hold any shares of the
Target Company. 1.7 In
terms of agreement dated October 6, 2002, between Mr Sujit Kumar Singh and Mr
Shekhar Keshav Mandrekar, any shares of the Target Company acquired as per any
agreement(s) or through any public offer(s) consequent to any agreement(s), the
mutual ratio of acquisition would be 95:5. (i.e., for every 100 shares acquired
jointly, Mr Sujit Kumar Singh would hold 95 shares and Mr Shekhar Keshav
Mandrekar would hold 5 shares). Further, in case of non receipt of
appropriate approval from Foreign
Investment Promotion Board / Secretariat of Industrial Approvals/ Reserve Bank
of India, or any other agency, for acquisition of equity shares by Mr Sujit
Kumar Singh (being a Resident but not Ordinary Resident Indian), all the valid
equity shares acquired as per any agreement(s) or tendered under any Open
Offer(s), which are not allowed to be acquired by Mr Sujit Kumar Singh, would be
acquired by Mr Shekhar Kehsav Mandrekar. 1.8 The
Offer is not subject to any minimum level of acceptance from the
shareholders i.e. it is not a
Conditional Offer. 2
Information
about the Acquirers 2.1 The
Open Offer is being made by Mr Sujit
Kumar Singh, aged 32 years, Resident but not Ordinary Resident Indian, residing
at Sneh Bunglow, Sub Plot no. 82, N S Road No 8-10, J V P D Scheme, Nutan Laxmi
Co Op. Housing Society, Vile Parle (W) Mumbai 400 056 and Mr Shekhar Keshav
Mandrekar, aged 48 years, Indian Inhabitant, residing at 8, Ratnadeep Apartments,
Juhu Tara Road, Juhu, Mumbai � 400 049. 2.2 Mr
Sunil C Modi, proprietor of M/s Sunil Modi & Co., Chartered Accountants,
having their address at 8, Bharat Villa, Church Road, Vile Parle (W), Mumbai �
400 056, (membership No.42562) has certified vide certificate dated May 27, 2003
that the networth of Mr Sujit Kumar
Singh as on December 31, 2002 is Rs
1586.65 lacs and that he has sufficient means to fulfil the obligations under
the Offer and has also certified vide certificate
dated May 27, 2003 that the networth of Mr Shekhar Keshav Mandrekar as on
December 31, 2002 is Rs. 17.01 lacs and that he has sufficient means to fulfil
his obligations under the Offer. 2.3 There
are no Person Acting in Concert with the Acquirers. 2.4 Mr
Sujit Kumar Singh, a
first-generation entrepreneur, is into the business of marketing and
distribution of pharmaceutical products. Mr Sujit is active in this business in
Russia, through his company, Shreya Corporation. In India, Mr Sujit carries out
the pharmaceuticals related activities through Shreya Life Sciences Pvt. Ltd.
and it's division Amadeus Biotech & Pharmaceuticals. He also has business
interest in other countries in the similar line of activities. Mr Shekhar Keshav
Mandrekar is currently working as
CEO of Shreya Life Sciences Pvt. Ltd. A professional in pharmaceutical industry,
Mr Shekhar started his career in 1984 as a product executive with Nicholas
Laboratories India Ltd. and has since been working in various capacities in
other Pharma companies such as Burroughs Wellcome (India) Ltd., Merind Ltd. and
Rallis India Ltd. Mr Shekhar has a professional experience of over 22 years in
the pharmaceuticals sector. 3
Information
about the Target Company 3.1 STFL
is a public limited company, incorporated on March 30, 1985 with the Registrar
of Companies, Maharashtra and received its Certificate of Commencement of
Business on April 6, 1985. The Company has its Registered Office at B-3, Gandhi
Mansion, 14/16, Bomani Master Lane, Kalbadevi Road, Mumbai - 400 002. 3.2 The
authorised share capital of STFL as on March 31, 2002 is Rs 25.00 lac,
comprising of 2,50,000 shares of Rs 10/- (Rupees Ten Only) each. The issued,
subscribed and paid up share capital as on March 31, 2002 stood at Rs 24.50 lac
comprising of 2,45,000 shares of Rs 10/- (Rupees ten each). There are no partly paid up shares in
STFL. 3.3 STFL
has earlier been active in the businesses of finance and trading. However,
during the last few years there have been no major activities carried out by the
Company and it has reported meagre income. 3.4 The
equity shares of STFL are listed only on The Stock Exchange, Mumbai and are in
the B2 group. Based on the information available on BSE official website (www.bseindia.com), the equity shares
of STFL are infrequently traded and no trading in the Company�s shares has taken
place during the last three years. The last traded
price on The Stock Exchange, Mumbai is not
available. 3.5 For
the year ended March 31, 2003 (Un-audited) and March 31, 2002 (Audited), the
total sales / income of STFL stood at Rs. 77,000/- and Rs. 76,285/- (previous
year: Rs 77,461/-) and the net profit was Rs10,000/- and Rs. 992/- (previous
year: Rs 1,228/-). The book value, EPS and return on networth as on March
31,2003 and March 31,2002 are Rs 11.01 and 10.98, 4.081 and 0.405 paise, and
negligible for both the years, respectively. 4
Reason
for the Offer 4.1 The
Offer to the Public shareholders of STFL is for the purpose of acquiring 20% the
equity shares. After the proposed Offer and implementation of the agreement for
purchase, the Acquirer will achieve substantial acquisition of shares and voting
rights accompanied with absolute and effective management control over the
Target Company. 4.2 The
object and the purpose of Acquirers are to expand the business operations of
STFL. The Acquirers are quite experienced in trading and export activities,
especially in pharmaceuticals, hence after the acquisition, the Acquirers intend
to improve the operational performance of the company by undertaking such new
activities on a larger scale. However, depending on the requirements and
expediency of the business situation and subject to the provisions of the
Companies Act, 1956, Articles of Association of STFL and all applicable laws,
rules and regulations, the Board of Directors of STFL will take appropriate
business decisions from time to time in order to improve the performance of the
Target Company. The Acquirers may make changes in the management and Board of
Directors of the Target Company. The Acquirers may also change the name of the
Target Company after completion of the Offer. 4.3 The
Acquirers at present has no intention to sell, dispose of or otherwise encumber
any significant assets of STFL in the succeeding two years, except in the
ordinary course of business of STFL. STFL�s future policy for disposal of its
assets, if any, will be decided by it�s Board of Directors, subject to the
applicable provisions of the law and subject to the approval of the shareholders
at a General Body Meeting of STFL. 5
Statutory
Approvals / other approvals required for the Offer 5.1 Approval
is required from FIPB / SIA and / or RBI for purchase of shares of the Target
Company by Mr Sujit Kumar Singh, who is a Resident but not Ordinary Resident
Indian. Mr Sujit Kumar Singh shall make an application to FIPB / SIA and / or
RBI for acquiring shares in STFL and for taking management control. Depending on
the approval, Mr Sujit Kumar Singh would acquire the shares in the Target
Company as per the agreement between Mr. Sujit Kumar Singh and Mr. Shekhar
Keshav Mandrekar. 5.2 Approval
for transfer of shares of a company registered in India by a Non Resident to a
person resident in India is required. The Acquirers shall apply for approval
from RBI for transfer of shares in their name in due course after successful
completion of this Offer. 5.3 No
approval from any bank or financial institutions is required for the purpose of
this Offer, to the best of the knowledge of the Acquirers. 5.4 As
on the date of Public Announcement, to the best of the Acquirers� knowledge, no
other statutory approvals are required to be obtained for the purpose of this
Offer. 5.5 In
case of delay in receipt of any statutory approval, Regulation 22(12) of SEBI
(SAST) Regulations, 1997, will be adhered to, i.e. SEBI has power to grant
extension of time to Acquirers for payment of consideration to shareholders
subject to Acquirers agreeing to pay interest as directed by SEBI. Further in
case the delay occurs on account of wilful default by the Acquirers in obtaining
the approvals, Regulation 22 (13) of SEBI (SAST) Regulations, 1997, will also
become applicable. However,
in terms of agreement dated October 6, 2002, between Mr Sujit Kumar Singh and Mr
Shekhar Keshav Mandrekar, in case of non receipt of appropriate approval from
FIPB / SIA / RBI, or any other agency, for acquisition of equity shares by Mr
Sujit Kumar Singh (being a Resident but not Ordinary Resident Indian), all the
valid equity shares acquired as per any agreement(s), or tendered under any Open
Offer(s), which are not allowed to be acquired by Mr Sujit Kumar Singh, would be
acquired by Mr Shekhar Keshav Mandrekar. 6
Delisting
Option to the Acquirers 6.1 Pursuant
to this Offer the public shareholding will not be reduced to 10% or less of the
voting capital of STFL and therefore the provisions of Regulation 21(3) of the
SEBI (SAST) Regulations do not apply. 7
Financial
Arrangements 7.1 The
Acquirers have adequate resources to meet the financial requirements of the
Offer. The Acquirers have made firm arrangement for the resources required to
complete the Offer in accordance with the SEBI (SAST) Regulations, 1997. The
acquisition will be financed through internal / personal resources and no
borrowings from banks / FIs etc., is being made. 7.2 Assuming
full acceptance, the total requirement of funds for the Offer would be Rs.
5,39,000/- (Rupees Five Lac Thirty Nine Thousand only). The Acquirers have
already made firm arrangements for the financial resources required to implement
the Offer in full. As per Regulation 28, Acquirers have opened an Escrow Account with Global
Trust Bank, Thakur Complex Branch, Mumbai, and have deposited Rs 5,50,000/-,
being more than 100% of the amount required for the Open Offer.
7.3 The
Acquirers have duly empowered M/s Doogar & Associates Limited, Manager to
the Offer, to realise the value of the Escrow Account in terms of the SEBI
(SAST) Regulations, 1997. 7.4 The
Manager to the Offer, M/s Doogar & Associates Limited, hereby confirms that
firm arrangements for funds and money for payment through verifiable means are
in place to fulfil the Offer obligation. 8
Other
Terms of the Offer 8.1
Letters of Offer (hereinafter referred to
as "LOO") will be despatched to all
the equity shareholders of STFL, whose names appear in its Register of Members
on Monday, June 16, 2003, being the
Specified Date, except the Acquirers
and parties to the Agreements. 8.2
The
Registrar to the Offer, M/s Bigshare Services Pvt Ltd, has opened a special
depository account with National Securities Depository
Limited. 8.3
All
shareholders of the Target Company, except for the Acquirers and parties to the
Agreements, who own the shares any time before the Closure of the Open Offer,
are eligible to participate in the Offer. 8.4
Beneficial
owners and shareholders holding
shares in the physical form, will be required to send their share
certificates, Form of Acceptance cum Acknowledgement and other documents as may
be specified in the LOO, to the
Registrar to the Offer either by Registered Post / Courier or by hand delivery
on Mondays to Fridays between 10.30 AM and 5.00 PM and on Saturdays between
10.30 AM and 1.30 PM, on or before the date of Closure of the Offer, i.e. Tuesday, August
19,2003 8.5
Beneficial
owners and shareholders holding shares in the dematerialised form, will
be required to send their Form of Acceptance cum Acknowledgement and other
documents as may be specified in the LOO to the Registrar to the Offer either by
Registered Post / Courier or by hand delivery on Mondays to Fridays between
10.30 AM and 5.00 PM and on Saturdays between 10.30 AM and 1.30 PM, on or before
the date of Closure of the Offer, i.e., Tuesday, August 19,2003, along with a
photocopy of the delivery instructions in �Off-market� mode or counterfoil of the
delivery instruction in �Off-market�
mode, duly acknowledged by the Depository Participant (�DP�), in favour of �Bigshare Services Pvt. Ltd.-Sharp Trading
& Finance Ltd.-Open Offer-Special Depository Account"� (�Depository
Escrow Account�) filled in as per the instructions given
below:
DP Name
: IDBI Bank Ltd.
Client ID Number
: 11224052
DP ID Number
: IN-300450
Depository
: National Securities Depository Limited- (�NSDL�)
Shareholders having their beneficiary account in Central Depository
Services India Limited (�CDSL�) have
to use inter-depository delivery instruction slip for the purpose of crediting
their shares in favour of the special depository account with
NSDL. 8.6
In
case of (a) shareholders who have not received the LOO, (b) unregistered
shareholders and (c) owner of the shares who have sent the shares to the company
for transfer, may send their consent to the Registrar to the Offer on plain
paper, stating the name, addresses, number of shares held, distinctive numbers,
folio numbers, number of shares offered along with the documents to prove their
title to such shares such as broker
note, succession certificate, original share certificate / original letter of
allotment and valid share transfer deeds (one per folio), duly signed by all the
shareholders (in case of joint holdings in the same order as per the specimen
signatures lodged with STFL) and witnessed (if possible) by the Notary Public or
a Bank Manager or the Member of the stock exchange with membership number, as
the case may be, so as to reach the Registrar to the Offer on or before 1700
hours upto the date of Closure of the Offer i.e. Tuesday, August 19, 2003. Such
shareholders can also obtain the LOO from the Registrar to the Offer by giving
an application in writing. 8.7
In
case of shareholders who have not
received the LOO and holding shares in the dematerialised form may send their
consent to the Registrar to the Offer on plain paper, stating the name,
addresses, number of shares held, Depository name, Depository I.D., Client name
, Client I.D., number of shares offered along with a photocopy of the original
delivery instructions in �Off-market� mode or counterfoil of the delivery
instruction in �Off-market� mode, duly acknowledged by the Depository
Participant as specified in para 8.6 above, so as to reach the Registrar to the
Offer on or before 1700 hours upto the date of Closure of the Offer i.e. Tuesday, August 19, 2003. Such
shareholders can also obtain the LOO from the Registrar to the Offer by giving
an application in writing. 8.8
The
following collection centres would be accepting the documents as specified
above, both in case of shares in physical and dematerialized
form.
8.9
Shareholders
who have sent their shares for dematerialisation need to ensure that the process
of getting shares dematerialized is completed well in time so that the credit in
the Depository Escrow Account should be received on or before 1700 hours upto
the date of Closure of the Offer, i.e. Tuesday, August 19, 2003, else the
application would be rejected. 8.10 In
terms of Regulation 22 (5A), shareholders shall have the option to withdraw
acceptance tendered earlier, by submitting the Form of Withdrawal enclosed with
the LOO, so as to reach Registrars to the Offer upto three working days prior to
the date of Closure of the Offer, i.e.
Wednesday, August 13, 2003. The withdrawal can also be exercised by
submitting an application on a plain paper, alongwith the details such as name,
address, distinctive nos., folio no., number of equity shares tendered, etc. 8.11 The
Letter of Offer alongwith the Form of Acceptance cum acknowledgement/ withdrawal
would also be available at SEBI�s website, http://www.sebi.com./, and shareholders
can also apply by downloading such forms from the website. 8.12 No
indemnity is needed from unregistered shareholders. 8.13 Applications
in respect of shares that are the subject matter of litigation wherein the
shareholder(s) may be precluded from transferring the shares during the pendency
of the said litigation are liable to be rejected in case directions/ orders
regarding these shares are not received together with the shares tendered under
the Offer. 9
PROCEDURE
FOR ACCEPTANCE AND SETTLEMENT 9.1
Where
the number of shares offered for sale by the shareholders are more than the
shares agreed to be acquired by Acquirers, the Acquirers will accept the offers
received from the share holders on a proportionate basis, in consultation with
the Manager to the Offer, taking care to ensure that the basis of acceptance is
decided in a fair and equitable manner and does not result in non-marketable
lots, provided that acquisition of shares from a shareholder shall not be less
than the minimum marketable lot or the entire holding if it is less than the
marketable lot. The marketable lot of STFL is 1{one}. 9.2
Shareholders
who have offered their shares would be informed about acceptance or rejecting of
the Offer within 30 days from the date of Closure of the Offer. The payment to
the shareholders whose shares have been accepted, and will be paid by cheque /
demand draft / pay order crossed �Account Payee� only in favour of the first
holder of equity shares (and sent by registered post) within 30 days from the
date of Closure of the Offer. For shares which are tendered in electronic form,
the bank account as obtained from the beneficiary position provided by the
Depository will be considered and the payment will be issued with the said bank
particulars. In case of acceptance
on a proportionate basis, the unaccepted share certificates, transfer forms and
other documents, if any, will be returned by registered post at the
shareholders� / unregistered owners� sole risk to the sole / first shareholder.
Shares held in dematerialised form to the extent not accepted will be credited
back to the beneficial owner�s depository account with the respective depository
participant as per the details furnished by the beneficial owner in the Form of
Acceptance cum Acknowledgement and the intimation of the same will be send to
the shareholders. 9.3
The
Registrar to the Offer will hold in trust the shares / share certificates,
shares lying in credit of the special depository account, Form of Acceptance cum
Acknowledgement, if any, and the transfer form(s) on behalf of the shareholders
of STFL who have accepted the Offer, until the cheques / drafts for the
consideration and / or the unaccepted shares / share certificates are despatched
/ returned. 10 Time
Schedule of the Offer
11 General
Conditions 11.1
If
there is any upward revision in the Offer Price (in terms of Regulation 26) by
the Acquirers till the last day of revision, viz., at any time upto seven
working days prior to the date of Closure of the Offer or withdrawal of the
Offer, the same would be informed by way of Public Announcement in the same
newspapers where original Public Announcement had appeared. Such revised Offer
would be payable for all the shares tendered anytime during the
Offer. 11.2
In
terms of Regulation 22(5A) of the SEBI (SAST) Regulations, shareholders desirous
of withdrawing their acceptances tendered in the Offer can do so up to three
working days prior to the date of Closure of the Offer i.e. Wednesday, August
13, 2003. The withdrawal option can be exercised by submitting the Form of
Withdrawal as enclosed in the Letter of Offer. The shareholders are advised to
ensure that the Form of Withdrawal should reach the Registrar to the Offer at
the collection centre mentioned in the Letter of Offer or above as per the mode
of delivery indicated therein on or before the last date of withdrawal i.e.
Wednesday, August 13, 2003. 11.2.1
The
withdrawal option can be exercised by submitting the Form of Withdrawal
enclosing with it Copy of the Form of Acceptance-cum-Acknowledgement / Plain
paper application submitted and the Acknowledgement slip. In case of non receipt
of Form of Withdrawal, the withdrawal option can be exercised by making an
application on plain paper along with the following
details: 11.2.1.1 In
case of physical shares: name, address, distinctive numbers, folio number, share
certificate number, number of shares tendered, date of tendering the shares
11.2.1.2 In
case of dematerialized shares: name, address, number of shares tendered, DP
name, DP ID, date of tendering the shares, beneficiary account number and a
photocopy of the delivery instructions in �off market� mode or counterfoil of
the of the delivery instruction in �off market� mode, duly acknowledged by the
DP, in favour of the �Bigshare Services Ltd. a/c STFL Open
Offer�. 11.2.2
The
withdrawal of Shares will be available only for the Share certificates / Shares
that have been received by the Registrar to the Offer or credited to the Special
Depository Escrow Account. 11.2.3
The
intimation of returned shares to the Shareholders will be sent at the address as
per the records of STFL / Depository as the case may be. 11.3
� If there is competitive bid : 11.3.1
The
public offers under all the subsisting bids shall close on the same
date. 11.3.2
As
the
offer
price can not be revised during 7 working days prior to the closing date of the
offers / bids, it would, therefore, be in the interest of shareholders to wait
till the commencement of that period to know the final offer price of each bid
and tender their acceptance
accordingly� 11.4
None
of the Acquirers hold any shares of the Target Company as on the date of this
Public Announcement. 11.5
Based
on the information available from the Acquirers, the Acquirers, Sellers and the
Target Company has not been prohibited by SEBI from dealing in securities, in
terms of direction issued U/s 11B of SEBI Act, 1992. 11.6
The
Pubic Announcement would also be available at SEBI�s website, http://www.sebi.com./. 11.7
Pursuant
to the Regulation 13 of SEBI (SAST) Regulations, 1997, the Acquirers have
appointed M/s Doogar & Associates Limited as Manager to the Offer and M/s
Bigshare Services Pvt. Ltd. as Registrar to the Offer. 11.8
This
Public Announcement is being issued on behalf of the Acquirers by the Manager to
the Offer, M/s Doogar & Associates Ltd. 11.9
The
Acquirers, Mr Sujit Kumar Singh and Mr Shekhar Keshav Mandrekar, accept full
responsibility for the information contained in this Public Announcement (except
for the information regarding the Target Company which has been compiled from
the publicly available information) and also for the obligations of the
Acquirers as laid down in the SEBI (SAST) Regulations, 1997 and subsequent
amendments thereof
Place:
MUMBAI
Date: 29.05.2003 | |||||||||||||||||||||||||||||||
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