Sebi probes Burmans' Religare offer, seeks 'details, sequence of events' after open offer sparked tiff

economictimes.indiatimes.com:

Securities and Exchange Board of India (Sebi) is inquiring into the open offer made by Religare's largest shareholder, the Burman family, to the public shareholders of the financial services company, which triggered a spat with the current Religare management.
In a December 20 letter reviewed by ET, Sebi asked Religare for «complete details and sequence of events, starting from the time of first discussion regarding the open offer transaction till the stock exchange announcement dated September 25, 2023.» It has also sought personal and official details of all the persons involved in discussions, along with «documentary evidence.»

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The regulator has asked for the Burmans' shareholding in Religare from January 1, 2018, till date.
The Burmans, promoters of Dabur, first acquired Religare stock on April 19, 2018. They announced an open offer on September 25. The Burmans said it was natural for Sebi to examine the open offer as it is the market regulator.
«We are confident Sebi will examine all aspects of the open offer, including the deliberate delays caused by the company in seeking regulatory approvals, and securities trading by senior executives,» a Burman family spokesperson said in an email. «While several of these aspects have been raised already in our communications and we recognise also that the chronology of events is crucial in this matter, we would like to maintain the sanctity and confidentiality of our multiple communications with Sebi