The Securities and Exchange Board of India has ordered Sicom to make an open offer pursuant to the proposed acquisition of 17.56 per cent stake in Noble Expochem Ltd from Chemtaur Engineering AB and Dyno Noble Nitrogen AB.
Sicom had sought exemption from making an open offer on the grounds that the company and the foreign collaborators were the original owners of Noble Expochem and its intention of acquiring the collaborators' shareholding was to ensure that the stake is transferred to the same acquirer who intends to acquire Sicom's shareholding, that is, Salvia Invest & Trade Pvt Ltd.
Salvia Invest was already willing to make a public offer since it intended to acquire the shareholding not only from Sicom but also from the foreign collaborators.
However, Sebi in the course of its investigations found that Sicom had not fulfilled certain requirements for availing exemption - that is, it had not filed statements regarding group and individual shareholding and as such had violated the requirements. The application for exemption from making an open offer was rejected.
