TEXT OF THE LETTER WRITTEN TO SEBI & ORS.
The unanswered questions-- Corrigendum dated 23 August,2010 –Open offer of Zenotech Laboratories Limited.
It seems that with an idea to scare Dr. Jayaram Chigurupati into submission, in the above corrigendum it has been written in Bold & In Caps under the Title IMPORTANT INFORMATION that The acquirer do not intend to acquire any share outside the offer or to come out with a follow on offer or a delisting offer etc.
What is required to be stated has not been stated, but the Acquirer & Merchant Bankers have otherwise gone much beyond in making a futuristic statement.
On the lighter side, it reminds me of the popular Hindi Film-ARADHANA & a song in the film wherein the heroine says “MAIN SAB KAHUNGI LEKIN WOH NAA KAHUNGI JISKA TUMKO INTAJAAR HAI…” (I will say everything but not what you are waiting for)
It is difficult to understand why are they shying away from making a simple admission of a mistake that although it has been stated in The letter of Offer (LOO) dated July 26, 2010, that Dr. Jayaram Chigurupati can tender the shares, actually he cannot tender them in view of the CLB order dated August 3, 2010 and that even if he tenders in violation of the said order it will not be considered in terms of Letters of Offer (13 December 2007 & 26 July 2010) .
I have tried my best to get the mistake corrected but failed till now. I hope at least SEBI will not allow them to consider any shares tendered by the old promoter in contravention of CLB order and terms of Letters of Offer (13 December 2007 & 26 July 2010)
You may take whatever action you may deem proper.
Thursday, August 26, 2010
Thursday, July 22, 2010
NEW TAKEOVER CODE My suggestion accepted
Some of my most significant suggestions to the SEBI committee for the review of Takeover Regulations were accepted.
SEBI had notified minimal changes in the Code –only 4. Vide notification dated November 06, 2009,
The amendment in Regulation 11 (1) is as per my suggestion.
Similarly I believe I was the first proponent of disallowing Non Compete fees. In the new draft My suggestion for disallowing Non-compete fees has been accepted.
Yet I am not happy because one of my main points – defining control & company so as to bring into the net asset sale route—Piramal, Gwalior chemicals, Orchid chemicals, Eicher motors, Zicom etc. involving G 1000+ Crs. has not been taken care of. I have brought this to the notice of SEBI time & again. I call it “THE BYPASS ROUTE TO SEBI TAKEOVER CODE”
I aired my feelings in an interview with NDTV.
You may simply click the link below to watch the interview which took place on 20 July 2010.
http://www.ndtv.com/news/videos/video_player.php?id=153390
The Businessline ( 21 July 2010) in its editorial also pointed this out as one of the three critical failures of TRAC.
SEBI had notified minimal changes in the Code –only 4. Vide notification dated November 06, 2009,
The amendment in Regulation 11 (1) is as per my suggestion.
Similarly I believe I was the first proponent of disallowing Non Compete fees. In the new draft My suggestion for disallowing Non-compete fees has been accepted.
Yet I am not happy because one of my main points – defining control & company so as to bring into the net asset sale route—Piramal, Gwalior chemicals, Orchid chemicals, Eicher motors, Zicom etc. involving G 1000+ Crs. has not been taken care of. I have brought this to the notice of SEBI time & again. I call it “THE BYPASS ROUTE TO SEBI TAKEOVER CODE”
I aired my feelings in an interview with NDTV.
You may simply click the link below to watch the interview which took place on 20 July 2010.
http://www.ndtv.com/news/videos/video_player.php?id=153390
The Businessline ( 21 July 2010) in its editorial also pointed this out as one of the three critical failures of TRAC.
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