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| Exchange Disseminated Time | Shree Rama Multi-Tech Ltd has informed BSE that the Company have received a letter dated May 29, 2013 from Nirma Industries Pvt. Ltd and Nirma Chemical Works Pvt. Ltd informing to the Company that they have respectfully accepted the judgment of the Hon’ble Supreme Court vide its order dated May 09, 2013 in the Civil Appeal number 6082 of 2008 in the case of Nirma Industries Limited and Another vs Securities and Exchange Board of India ("SEBI"). Vide the said order, the Hon'ble Supreme Court has dismissed the statutory appeal filed by Nirma Industries Ltd and Nirma Chemical Works Ltd under section 15Z of the SEBI Act, 1992 against the order of the Securities Appellate Tribunal dismissing their appeal impugning the direction contained in the communication dated April 30, 2007 from SEBI. It will be recalled that in the said communication dated April 30, 2007, SEBI had rejected the application of Nirma Industries Ltd and Nirma Chemical Works Ltd for withdrawal of the Open Offer to the shareholders of Shree Rama Multi-Tech Limited, made vide a Public Announcement dated July 25, 2005.
Accordingly Nirma Industries Pvt. Ltd and Nirma Chemical Works Pvt. Ltd have initiated steps to comply with and complete the process and formalities as required in terms of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 in connection with the Open Offer to the shareholders of Shree Rama Multi-Tech Limited made vide the Public Announcement dated July 25, 2005. |
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