Sebi raps UB for delay in giving Deccan deal details

Mumbai: The Vijay Mallya-controlled UB Group, which is buying a 26 per cent stake in Air Deccan, has not given details of the financial arrangement to market regulator Securities and Exchange Board of India (Sebi), delaying its clearance.
In a letter to Edelweiss Capital, the merchant banker of the deal, the Sebi said that it had not received the details about the financial resources.
“Till date, details of firm financial arrangements made by the acquirer to fulfil their obligations arising out of the open offer, have not been furnished by you (merchant banker) despite repeated reminders by the Sebi in this regard,’’ said a Sebi letter that was uploaded on the market regulator’s website on Thursday.
This communication follows a notice to the Bombay Stock Exchange by Edelweiss Capital on behalf of Kingfisher Radio, United Breweries and UB Overseas that said the acquirers were awaiting the Sebi nod and could revise the acquisition schedule in view of the Sebi permission.
03/08/07 Business Standard

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Categories: Air Deccan Aug 2007, Kingfisher Aug 2007