Danny Gaekwad’s third push for Religare: Will Sebi blink?
Live MintRamping up his efforts to be allowed a shot at bidding for embattled conglomerate Religare Enterprises, India-born US investor Digvijay ‘Danny’ Gaekwad has sought a “special exemption” under the country’s takeover code from India’s markets regulator. Three proxy advisory firms, who advise institutional investors on how to vote on shareholder resolutions put forth by investee companies, have recommended that investors reject Religare chair Rashmi Saluja’s reappointment as a director at the AGM. In his third letter addressed to Sebi chairperson Madhabi Puri Buch, Gaekwad said that his firm had appointed brokerage Prabhudas Lilladher’s investment banking arm, PL Capital Markets, as the merchant banker for his proposed ₹5,000-crore buy of up to 55% of Religare. Meanwhile, proxy advisory firms Institutional Investor Advisory Services India Ltd, InGovern Research, and Stakeholders Empowerment Services, have recommended that shareholders reject Saluja’s reappointment as a director on Religare’s board.
History of this topic
SEBI rejects Digvijay Gaekwad's plea for competing open offer in Religare deal
The Hindu
Sebi rejects Danny Gaekwad’s Religare bid, calls it ‘frivolous’
Live Mint
Open offer exemption for REL: Sebi says no to Danny Gaekwad, calls attempt ‘frivolous’
New Indian Express
Sebi plans amending norms pertaining to corporate debt rejig
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