New Delhi, April 21: Luxottica’s spat with the capital market regulator over the disputed open offer for Ray-Ban Sun Optics India Ltd will come up for hearing before the Supreme Court in July.

Luxottica, the Italian parent of Ray-Ban Sun Optics, has contested the Securities and Exchange Board of India’s (Sebi) directive to come out with the open of\fer subsequent to its acquisition of the company (previously known as Bausch and Lomb India) in 1999.

“The matter was admitted in the Supreme Court sometime last November. The first hearing will take place after the Court opens in July,” said Harsh Chopra, managing director of Ray-Ban Sun Optics India Ltd.

The acquisition of Ray-Ban did not warrant an open offer here in India, he added.

Chopra was speaking to newspersons at a function here today to mark the launch of 140 sunglass models of international brands from the Luxottica portfolio, including the flagship Ray-Ban brand. Priced between Rs 4000-5000, the other brands are Killer Loop, Vogue, Sferolex and Luxottica.

Luxottica had acquired shares representing 44.152 per cent of the paid-up capital of Ray-Ban Sun Optics. Sebi had received a complaint in September 2001 that this acquisition triggered the provisions of the regulator’ takeover guidelines.

Two years back, Sebi had directed Luxottica Group to make an open offer to shareholders of Ray-Ban Sun Optics India Ltd to acquire another 20 per cent stake.

In view of the delay in coming out with the open offer, Luxottica was also asked to pay an interest at 15 per cent per annum to the shareholders of Ray-Ban from August 27, 1999 till the date of actual payment of consideration.