• PAGE ONE
• INDEX
• HOME

Counter offer for Forbes Gokak stays: SEBI

Our Bureau

MUMBAI, Nov. 6

THE counter offer made by Man-Made Fibres for Forbes Gokak Ltd is in force and SEBI has not rejected the same, according to the SEBI Chairman, Mr D.R. Mehta.

Mr Mehta said that even if there was any minor deficiency in filing of the document, it will be allowed to proceed. The offerer may be asked to rectify the deficiency, if any, he added.

Responding to queries from mediapersons at a seminar on mutual funds here on Tuesday, Mr Mehta said the counter offer at higher price was in the interests of small shareholders. SEBI officials will examine the actual time when the counter offer document was received and if there was a delay, the matter would be referred to adjudication. But the counter offer will not rejected, he added.

On the issue of whether an open offer is to be made by Hughes Tele.com as well as Hughes Software System, Mr Mehta said SEBI has called for details of the ownership of overseas stake holders of Indian companies and a decision will be taken after examinin g the details.