Business new tamfitronics
MUMBAI: The Securities Appellate Tribunal (
SAT
) has stayed markets regulator
Sebi
‘s show cause
notice
to
Religious
Enterprises and its board of
directors
. At the same time, it has asked the financial services company to make necessary applications for the open offer by the Burman family (the largest shareholder of Religare) to the regulators.
The senior counsel appearing for Religare sought time till July 22 to make applications without prejudice to the company’s rights and contentions.
Last month, capital market regulator Sebi in an interim order asked Religare to apply for approvals with all regulators before July 12 that are required for the Burman family to proceed with the open offer to buy more shares in the company from public shareholders.
The Burman family wants to buy an additional 26% stake of the company via the open offer route for a total consideration of Rs 2,115 crore. Sebi has been granted a month’s time to file its reply and a rejoinder be filed within the next one month. The matter is now fixed for further hearing on Aug 26.
