Market regulator Sebi today asked certain promoters of Mobile Telecommunications Ltd to make an open offer to its shareholders and also pay an interest of 10 per cent to those who tender their shares.
The Sebi's order comes as these promoter entities failed to make the mandatory open offer which was triggered after their shareholding crossed a certain threshold way back in 2012-13.
The Securities and Exchange Board of India (Sebi) has asked them to make the public announcement for the open offer to be made within 45 days.
The regulator found that the company's promoter, Anil Vedmehta acquired 5.56 per cent during 2012-13 through open market and off-market transactions.
On the shares acquired through the off-market route, the promoter group said these shares were actually transferred back to Vedmehta as an inter-se transfer from his ex-wife, who was also part of the promoter group of the target company.
To which, Sebi said from the material on record Priyanka Mehta was no longer disclosed as a promoter of the target company in its shareholding pattern for the quarter ended December 2012 and March 2013.
"In view thereof, the off-market acquisition of 32,10,000 shares on March 20, 2013 by Anil Vedmehta from Priyanka Mehta does not meet the pre-requisites of regulation 10(1)(a)(ii) of the Takeover Regulations, 2011 and therefore cannot be treated as an inter-se transfer among promoters," the regulator said.
Sebi's Whole-Time Director Rajeev Kumar Aggarwal said the promoter group -- Anil Vedmehta, Bhavana V Gandi, Mamta Parekh, Paresh Parekh, Chetan Gosalia, Rajkumar Jain and Pulkit Vimal Mehta -- has deprived the shareholders of the exit opportunity at the best offer price.
"In the facts and circumstances of the present case, I do not find any reason to deviate from the normal rule to make a public announcement to acquire shares of the target company in accordance with the provisions of Takeover Regulations, 2011...," he added.
Accordingly, Sebi ordered the promoter group of the firm to "make a public announcement to acquire shares of the target company in accordance with the provisions of the Takeover Regulations, 2011, within 45 days from the date of this order".
Besides, the regulator said the promoters will also have to pay interest at the rate of 10 per cent per annum along with the consideration amount from June 7, 2013 to the date of payment of consideration 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, if any.
