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Tenneco has yet again moved the Securities Appellate Tribunal against SEBI with regard to the open offer of Federal Mogul Goetze (FMG). SEBI, in its recent letter to the company, upheld its open offer price of ₹608.46 suggested by an independent valuer.
Tenneco had given an open offer price of ₹400 a share. SEBI decided it should be ₹608.46 based on a valuation report by Haribhakti and Company. Some retail investors said it should be ₹1,200 a share. In May, SAT had given FMG’s retail investors and Tenneco three weeks’ time to raise their objection with SEBI.
Tenneco moved SAT against the SEBI directions and said its ₹400/share price was correct. The matter is back to square one as SEBI has failed to pass proper directions, a legal expert involved with the matter said.
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