Religare Takeover enters with mysterious Bangkok investors

In order to control the highly anticipated battles controlled by Reminare Enterpris LTD, a new turning point occurred on Tuesday. Investors headquartered in Bangkok sought intervention from the Delhi High Court to stop the public offer of the Burman family to increase the 26 % stake of the financial service group’s group. Essence

Sapna Govind Rao claims to have 500 shares in religious beliefs, and he urges the court to consider one BleakFlorida’s businessman Digvijay’danny’Gaekwad’s public offer of 500 billion pounds. Mint reviewed the copy of Rao’s emergency application in the court.

Rao proposed a few hours after the court applied. Reminare revealed to the Stock Exchange that the Indian Securities Exchange Commission has returned to GAekWad’s proposal because it does not meet the rules of exemption from regulatory agencies specified in the Indian acquisition code.

GaekWad, born in Baroda, requested that SEBI allowed him to allow his competition on Sunday. It aims to get 55 % of the shares in Reminare Bleak275 per share. Higher than BleakBurmese people have about 25.18 % of religious beliefs to open offer offers per share. The company’s stock has fallen by nearly 3.7 % in BSE, and it ends on Tuesday BleakEvery 243.05, even if the benchmark SenseX rose 0.71 %.

Religion said in the exchange document: “Digvijay laxmansinh Gaekwad’s letter was returned, because in the 11th SEBI (SAST) regulations in 2011, this is not an exemption application,”

However, RAO requires a small number of shareholders to evaluate the higher counterattack of GAEKWAD.

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“Continue to be approved before (although the conditional approval of the conditions that have not yet met the conditions), without the need to consider the appropriate considering the competition offer, it will lead to serious financial losses/prejudice to public shareholders, including applicants, including standing in order to take over from SEBI to take care of from SEBI. The competitive price discovery mechanism stipulated in Article 20 of the Regulations has benefited.

“Therefore, SEBI must exercise its regulatory right to evaluate and promote competition in order to ensure that shareholders will not be deprived of more favorable choices. In addition, before the SEBI and Indian Reserve Bank evaluate the competition quotation, all the acquisition procedures must be put on hold to prevent The application for the irreversible financial damage of a small number of shareholders.

The Delhi High Court is expected to listen to RAO’s application on Wednesday or after.

Delay strategy?

Since the Berman family announced the control of India’s second largest private health insurance company, Care Health Insurance LTD, and other agencies and non -bank subsidiaries, the battle of religion has witnessed a series of dramatic transformations.

Acting consulting companies and lawyers suggest that RAO’s petition may be a delay strategy to prevent the acquisition of more religious shares Burman families. The Burman family is a salesman of the consumer company Dabur India LTD.

Amit Tandon, the founder and managing of the institutional investor consulting service company of the agency consulting company headquarters in Mumbai, said: “I believe a serious bid will do homework on the regulatory timetable.”

He added: “It is in this case that Danny Gaekwad’s sudden letter proposes to propose competition for a concession, and then the investors in Bangkok will propose a high court petition. The intention of GAEKWAD to make an offer requires a review.

SEBI returned a proposal of Gaekwad, which did not meet the standard of the Overview of the acquisition-his “competitiveness” proposal was made after 400 days instead of 15 days later. According to an official who refused to disclose his ID, if Gaekwad really wants to re -applies, it will be regarded as a new offer, which will require him to follow different and wider procedures.

Tandon added that a non -bank financial company operating in a broker, loan and insurance requires a lot of capital, and the Burman family seems to have the money. “At this stage, if a person compares a variety of offers, it seems that the Berman family either has capital or can use institutional capital; in the case of replacement proposal, this aspect will not fully understand this.” He said.

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The Berman family first stated that he was interested in acquiring religious control in September 2023. They have also been pushing the dismissal Rashmi Saluja.

Saluja was dissatisfied with the open price of a Myanmar family, which delayed the company’s annual shareholders’ meeting for six months. In December last year, an investor from Central State sought an intervention of another court’s stay at the shareholders’ meeting. Subsequently, the court canceled the appeal, and the annual stocks of the religious shareholders were now scheduled to be on February 7.

Mint reported in the version of January 27 that the late bids of Gaekwad may not be summoned by supervision.

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SEBIT AGRAWAL said: “Evaluate such quotes and competition offers not only involves the price provided by the evaluation, but also considers key factors, such as the consistency of quotes and investors’ interests, and the potential contribution of the acquirer as controlling shareholders.” RegStreet Law Advisors.

Realare, Rao’s lawyer and the Burman family did not immediately answer Mint’s questions.

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