Orosil Smiths India informs about updates

19 Dec 2022 Evaluate
Orosil Smiths India has informed that the Promoter & Promoter Group (Noticees), had received notice for seeking settlement option and Show Cause Notice dated February 22, 2022 and July 21, 2022, respectively, from SEBI in the matter of Orosil Smiths India. The subject matter of the case is that the Promoter & Promoter Group was required to make an open offer within a period of 45 days of SEBI order no. WTM Order WIM/RKA/EFD-DRA-II/ 44/ 2015 dated May 13, 2015. Subsequently, they had made the public announcement of the open offer on July 06, 2015 to acquire the shares of the target company, Orosil Smiths India, from the public shareholders and filed DLOF with SEBI. SEBI has observed that the open offer was made with a delay of 8 days in compliance with the SEBI order and therefore, alleged the violation of the provisions of Regulation 11(2) read with Regulation 14, 15 and 18 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, by the Promoter & Promoter Group of the Company.

The above information is a part of company’s filings submitted to BSE.

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