Delhi HC refuses to stay Burman family’s open offer to buy an additional 26% stake in Religare
Delhi High Court has refused to stay the Burman family’s open offer to buy an additional 26% stake in Religare Enterprises (REL) from public shareholders. The court has also refused to stay REL’s annual general meeting (AGM) scheduled for February 7, a relief sought by its Bangkok-based minority investor Sapna Govind Rao.
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Rao had sought the quashing of the RBI’s conditional approval granted on December 9 to Burmans for acquisition of REL and the stay of REL’s AGM where the Burman family's open offer was being considered. She also wanted appointment of an independent commissioner to oversee the consolidation process.
Rao, who own 500 shares in the financial services firm, had also sought a stay on the Burman family's acquisition until a fair assessment was completed.
“Proceeding with the AGM under such opaque and prejudicial circumstances would deprive the shareholders an opportunity to make an informed decision and will lead to irreversible harm to their rights,” the petition stated.
Refusing any interim relief, Justice Manoj Jain said that there was no other rival bid to match the ongoing open offer as the Securities and Exchange Board of India had returned Florida-based businessman Danny Gaekwad’s higher counteroffer as it did not conform to its takeover code.
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