Calcutta, Oct. 6: The Securities and Exchange Board of India (Sebi) will ask the Sardas to revise their open offer for 30 per cent in BSL Ltd. The offer, which was supposed to open at the end of last month, could not do so as it failed to get Sebi’s approval.
“It appears that the Sardas have not fulfilled all the requirements. But it is still under examination and we can give a final decision only after both parties — the BSL management and the Sardas — are given a proper hearing,” Sebi executive director R. M. Joshi said.
BSL has pointed out a host of irregularities and sought cancellation of the bid. Sebi has asked SBI Capital Markets — the merchant banker managing the take-over bid for the Sardas — to respond to the issues raised by the company’s management.
The Sardas have made the offer through their flagship company Kolmak Chemicals. Representatives of Kolmak Chemicals said SBI Caps will meet Sebi officials over the next couple of days to offer clarifications on the bid. “We will abide by whatever Sebi says, and if required, will revise the offer in accordance with its instructions,” a senior Kolmak Chemicals official said.