Financial Daily from THE HINDU group of publications
Thursday, Nov 21, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Home Page - Open Offers
Markets - Regulatory Bodies & Rulings


SEBI to look into Grasim delay

Our Bureau


Mr G.N. Bajpai, Chairman, SEBI, with Ms Clara Furse, CEO, London Stock Exchange (LSE), addressing a press conference in Mumbai on Wednesday.

MUMBAI, Nov. 20

THE SEBI Chairman, Mr G.N. Bajpai, today said the capital market regulator will look into the delay by Grasim's merchant banker to inform Larsen & Toubro's shareholders about SEBI's advise to put the open offer on hold.

Speaking to newspersons on the sidelines of the London Stock Exchange function, Mr Bajpai said that the market regulator cannot be held responsible for the failure on the part of the corporate to communicate information `in time' to shareholders.

SEBI's letter to Grasim's merchant banker, Morgan Stanley, advising it to put on hold the open offer was disclosed only after eight days of receiving it.

Mr Bajpai said SEBI would look into the legal and regulatory provisions.

Meanwhile, Mr Kumar Mangalam Birla, Chairman, Aditya Birla group, told newspersons that "we have followed all legal requirements and that there is no issue of corporate governance involved here."

Send this article to Friends by E-Mail
Comment on this article to BLFeedback@thehindu.co.in

Stories in this Section
SEBI to look into Grasim delay


Tribunal ruling made SEBI stall Grasim open offer
Fiscal deficit under control: Narayan
Moody's holds talks with Govt on rating review
Promoter sells shares of Godrej Consumer to FII


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line