SC notice to SEBI on Herbertsons acquisition controversy

NEW DELHI SEPT. 8. The Supreme Court today issued notice to the Securities and Exchange Board of India on a petition filed by United Breweries challenging a Tribunal order asking Kishore R. Chhabria and Madanlal D. Chhabria to make an open offer to shareholders of Herbertsons with October 27, 1994 as a reference date to calculate the offer price. A Bench comprising Chief Justice V. N. Khare and Justice S. B. Sinha issued the notice on three questions including the maintainability of the UB petition and posted the matter for further hearing on September 15. The Court also asked SEBI as to what would happen if it was found that the acquisition of 19.1% of the shares in Herbertsons by the Chhabrias were void and whether there could be ex post facto offers. The Court, while fixing the next hearing for Monday, said the competitive bidding for Herbertsons' shares would go on as planned but the 19.1% held by the Chhabrias would be subject to its further orders. — PTI