SEBI Redirects Heritage Promoters To Make Public Offer
Here’s the case of Nirvana Holdings promoters and 100% shareholders, Mr & Mrs Nara acquiring 6.17% in Heritage Foods (India) Ltd – a listed company where they are promoters.
This share buy takes their holdings from sub-critical 47% to safe 53% - but this should have triggered the take over code and open offer.
Nirvana Holdings appealed to ‘Reduce it’s holding by 1.17% by divesting’ – so that they be not required to make the open offer – which was initially accepted – but now found (in the new cleanup environment) unacceptable by law – and so Nirvana Holdings shall make public offer.
Against which they decided to appeal in Supreme Court.
SEBI vs Nirvana Holdings (Heritage Foods)
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