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Wednesday, July 25, 2001

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Modi Rubber: SAT ruling on Modipon likely by July 31

K.R. Srivats

NEW DELHI, July 24

THE Securities Appellate Tribunal (SAT) is expected to come up with its ruling on Modipon's eligibility to participate in Modi Rubber open offer by July 31.

The M.K. Modi controlled Modipon, which has a stake of 4.53 per cent in Modi Rubber Ltd, has been advised to approach the SAT in appeal against the SEBI's decision debarring the company from participating in the open offer.

``Modipon's participation in the open offer will hinge on the SAT's ruling even though the court has allowed the company's shares to be tendered. The SAT ruling is expected to be given by July 31'', sources said.

Similarly, in a separate development the Delhi High Court has allowed Modi Spinning & Weaving Mills to tender its shares as the open offer was to close on July 23.

``The validity of Modi Spinning's 2.66 per cent stake for the open offer will be decided in due course. It may happen that both Modipon and Modi Spinning issues be bunched before SAT is asked to pronounce a decision'', they said.

Meanwhile, a HSBC official maintained that the 35.93 per cent response to the offer did not include the shares tendered by Modipon and Modi Spinning.

Related links:
Modi Rubber open offer gets 36 pc response
SEBI bars Modipon from open offer -- Closing date extended by a week

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