Technip told to pay interest to Seamec investors

 The reference date has been set at April 12, 2000 instead of July 3, 2001, as directed by the Securities & Exchange Board of India (Sebi). The company has also been directed to pay 15 per cent interest on the differential.

 According to the SAT order, Technip should pay Seamec shareholders, whose shares have been accepted in the public offer which concluded in January 2003, the differential amount and 15 per cent interest thereon from August 11, 2000, till the date on which amount is paid. The payment has to be made within 30 days of issuing of the order.

 Some Seamec minority shareholders had approached the tribunal against the Sebi order.

 Technip-Coflexip held 58.24 per cent stake in Seamec when it decided to take control of Coflexip on April 12, 2000, and this should be the relevant date for calculating the offer price and not the date of acquisition, SAT said.

 On October 25, 2002, the tribunal in its interim order had asked Technip to implement Sebi order by making an open offer for 20 per cent stake at a share price of Rs 43.12 per share and 15 per cent interest thereon till the actual payment of consideration.

 Technip-Coflexip had made an offer to Seamec shareholders which opened on December 19, 2002, and closed on January 17, 2003.