The Securities Appellate Tribunal(SAT) is set to hear appeals by Fresenius Kabi Oncology on its delisting bid and Osian’s Art Fund on being asked to wind up and return investor money, on Monday.
The regulator had passed an order against Fresenius Kabi Oncology which required the company to increase their holdings by an additional 5% in order to delist.
The regulator had taken note of investor complaints that entities who purchased shares in an earlier stake sale might have done so to ease the de-listing process.
“Sebi has received complaints from investors alleging, inter alia, that the entities who had purchased shares in the aforesaid OFS might have participated in the OFS with an intent to subsequently tender their shares at an artificial price in the bids for the delisting offer, which will be determined in collusion with the promoters of the company, and thus enable the company to successfully complete the delisting offer,” said the Sebi order.
Also appealing against the regulator is Osian’s Art Fund, which became the first Art Fund to be categorized as a Collective Investment Scheme or CIS. The fund had collected money from 656 investors for the purpose of buying art work. It had managed to mop up Rs 102.4 crore.
