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SEBI has turned down an application from the promoters of Gokul Agro Resources for an exemption from making a mandatory open offer after the company’s Managing Director planned to increase his shareholding from 15.81 per cent to 60 per cent.
Even though the promoters and promoter group holding shall remain unchanged at 74.47 per cent of the total capital of the company, SEBI held that the requirements of an open offer still stand.
Directive to Arise Bhoomi Developers
In a separate order, SEBI has also given payment framework for Arise Bhoomi Developers and its three directors who ran afoul of SEBI regulations against collective investment schemes. The trio collected Rs 17.69 crore from 10,418 investors from 2011 till date on the pretext of investing it in real estate but have since defaulted in payments to investors.
SEBI has said that if they do not return investor money within the prescribed period, the regulator will undertake the sale of existing assets.
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