The Sebi order follows the failure of Wealth Sea Pte to come out with an open offer after it acquired the entire share capital of Dil Rim Wheels Corporation (DRW) from Jumbo World Holdings through a share purchase agreement. DRW held 74.50% equity shares of Dunlop and 68.98% equity shares of Falcon.
"The acquisition of DRW had mandated Wealth Sea Pte to make an open offer to the shareholders of Falcon and Dunlop as per the takeover regulations," the order passed by T C Nair, whole-time member of Sebi, said.
