The market regulator also directed the entities to pay 10 per cent interest along with the offer price to shareholders who were holding shares at the time when the company violated the Sebi norms.
The entities have been asked to make the open offer within 45 days from the date when the coronavirus-induced lockdown would be lifted.
The eight entities that have been asked to make the open offer are - Kanchan Kitchen Aid Pvt Ltd, Dinesh C. Khimavat, Usha D. Khimavat, Kanchan C. Khimavat, Bharat Pipalia, Mahendra D Khimawat, Chetan Khimavat and Marlex Products Ltd.
Also, the restraint imposed upon the entities earlier, from accessing the securities market, shall stand relaxed only for the purpose of making a public announcement to acquire shares of the company.
Sebi noted that there was a change in the shareholding of the promoter and promoter group entities due to sale of shares or off market transfer of shares by these entities and the share capital of the company also changed due to conversion of warrants into equity share.
The shareholding of the entities increased by more than 5 per cent on two occasions in 2012, triggering an open offer under SAST (Substantial Acquisition of Shares and Takeover) Regulations.
However, these entities who were persons acting in concert (PAC) have failed to make an open offer on the two trigger dates, Sebi said in its order.
The regulator said that no pragmatic outcome will be achieved by directing the entities to give two separate consecutive open offers.
Hence, as a measure of feasibility and practicality, a single open offer by all the acquirers along with the persons acting in concert would suffice in the facts and circumstances of the case, it added.
The entities along with the offer price, pay interest at the rate of 10 per cent per annum to the shareholders who were holding shares in the company on the date of violation and whose shares are accepted in the open offer, after adjustment of dividend paid, Sebi said.
In a separate order, the regulator levied a fine of Rs 5 lakh on BP Fintrade Pvt Ltd and BP Comtrade Pvt Ltd.for indulging in fraudulent trading in the scrip of Blue Blends (India) Ltd.
These entities are connected to each other and executed several trades, which resulted in negative LTP contribution thereby affecting the price fall.
By doing so, they have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations.