France Tele Eyes New Cell Circles, Acquisitions

The Securities and Exchange Board of India is unable to take a view even after the completion of the investigation in the case of acquisition of 39.5 per cent stock of Sri Vishnu Cements by nine companies belonging to the B V Raju Group.

According to sources, the regulator believes that there are various legal complications revealed by the investigation.

Sources said that the problem was with respect to the interpretation of takeover code regulations. This has resulted in the delay in the Sebi decision to take any further action.

The regulator will summon B V Raju group companies for a hearing only if the investigation team and the legal department of Sebi take a view that there have been violations by him. Sebi is also likely to hear both side