SAT asks Chhabrias to make open offer for Herbertsons

MUMBAI AUG. 1. The Securities Appellate Tribunal (SAT) today reversed a Securities and Exchange Board of India (SEBI) order and asked Kishore Rajaram Chhabria and Madanlal Dwarkadas Chhabria to make an open offer within three months for 20% of equity of Herbertsons at a price worked out with October 27, 1994 as reference date. They are also directed to pay an interest at 15% per annum from February 24, 1995 to those investors who have been holding the shares of the company as on January 25, 1995. The Tribunal also ordered that the Securities and Exchange Board of India's order directing Vijay Mallya to divest the shares of Herbertsons held by him is not to be sustained.