Capital market regulator Sebi on Tuesday rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments for acquisition of Religare Enterprises Ltd (REL) as it did not meet necessary regulations.
In a communication dated January 28 to REL, the Securities and Exchange Board of India (Sebi) said, "letters submitted by Digvijay Laxmansinh Gaekwad are being returned since the same is not an exemption application in terms of Regulation 11 of SEBI (SAST) Regulations, 2011."
The regulator referred to the email dated January 25, 2025 forwarding a letter dated January 24, 2025 from Digvijay Laxhamsinh Gaekwad, Danny Gaekwad Developments & Investments, Florida, Religare said in a regulatory filing attaching the letter issued by Sebi.
Copyright © 2017 Indian Grapevine a unit of Integrated Media Enterprises
