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Thaparsí relief

Mumbai, Dec. 31 (PTI): The Securities and Exchange Board of India has exempted B. M. Thapar from making a public offer while transferring 28.96 per cent stake in Crompton Greaves Ltd (CGL) as part of a family settlement arrangement among the four Thapar brothers.

Solaris Chem Tech Ltd (SCL) and English India Clays Ltd (EICL) are the companies controlled by B. M. Thapar and transfer of 28.96 per cent voting rights from Thapar to SCL and EICL would not result in any change in management and control in CGL, Sebi said in a release today. The acquirer and people acting in concert should complete the proposed acquisition within 30 days and submit a report to Sebi within 15 days of completion, it said.

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