Sources said the watchdog is examining whether the acquirer, Avis Tie-up, informed the Birla company by the specified time period as laid down in the Substantial Acquisition of Shares and Takeovers Regulations, 1997.
It would also look at whether Avis and Texmaco appraised the stock exchanges on which shares of the engineering firm was listed.
When contacted, Shyam Sunder Dalmia told Business Standard that Avis Tie-up had informed the company as well as the bourses.
However, the medium of communication was hand delivery to the company and under certificate of posting (UCP) to stock exchanges. The Texmaco stock is listed with Calcutta, Mumbai, Delhi and Hyderabad stock exchanges.
Under Sebi norms, Avis Tie-up was supposed to the inform the bourses by two days of the acquisition. The Dalmia company picked up 26 lakh shares representing 5.03 per cent stake. The acquisition sent the share
