Sebi exempts Thapar brothers from making open offer for 8 group firms
Include Greaves Ltd., JCT electronics Ltd., JCT Ltd. and Ballarpur Industries Ltd.
The Securities and Exchange Board of India (SEBI) has exempted the four Thapar brothers, including Lalit Mohan and Brij Mohan, from making an open offer to acquire shares of eight listed companies in terms of the Family Settlement Agreement (FSA). The acquirers have been directed to complete the proposed acquisition within 30 days of the order and file the report thereafter. Sebi has noted that the Thapar group companies consist of an intricate web of cross holdings between the group companies and each of the Thapar brothers would have to acquire shares of respective companies allocated to them pursuant to the proposed FSA from the existing shareholders. The two other Thapar brothers are Inder Mohan and Man Mohan. The eight companies for which the Thapar brothers have been exempted from making open offer are Greaves Ltd., JCT electronics Ltd., English India Clays Ltd., JCT Ltd., Ballarpur Industries Ltd. and Bharat Starch Ltd. Under the FSA that was to be entered into amongst the brothers controlling around 100 companies belonging to the Thapar group which would cause the cessation of joint control over these eight companies and divide the Thapar group into four distinct groups, each to be controlled by one brother.
