Burman Group rejects Digvijay Gaekwad's claims on Religare Enterprises open offer, slams his request as baseless

economictimes.indiatimes.com:

Burman Group of Dabur has issued a sharp rebuttal to claims made by US-based investor Digvijay L. Gaekwad regarding an open offer for Religare Enterprises (REL).

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In a statement on Sunday, the Burman Group clarified that Gaekwad has not made a competing open offer but has merely sought SEBI’s permission to do so. This, however, is barred under Regulation 20(5) of the SAST Regulations, as more than 400 days have passed since the Burman Group’s public announcement on October 4, 2023.

The Burman Group dismissed Gaekwad’s request as lacking substance, bona fides, and financial credibility. It also accused REL’s leadership of recklessly publicizing Gaekwad’s baseless claims to mislead public shareholders.

As per a statement by Burman Group “Mr. Digvijay L. Gaekwad has not made any competing open offer. In his correspondence, he has only made a Request for Permission to SEBI seeking their permission to make a competing open offer. Mr. Gaekwad had to make the competing offer, if at all, within 15 days from the date of public statement, which was made by the Burman Group on October 4, 2023 but he did not do so. Over 400 days have now elapsed for entitling anyone to make a valid competing open offer. Regulation 20(5) of the SAST Regulations bars any competing offer after this