Burman Group rejects Digvijay Gaekwad’s claims on Religare Enterprises open offer, slams his request as baseless

The Burman Group of Dabur has issued a pointy rebuttal to claims made by US-based investor Digvijay L. Gaekwad concerning an open supply for Religare Enterprises (REL).In an announcement on Sunday, the Burman Group clarified that Gaekwad has not made a competing open supply however has merely sought SEBI’s permission to take action. This, nonetheless, is barred beneath Regulation 20(5) of the SAST Regulations, as greater than 400 days have handed because the Burman Group’s public announcement on October 4, 2023.

The Burman Group dismissed Gaekwad’s request as missing substance, bona fides, and monetary credibility. It additionally accused REL’s management of recklessly publicizing Gaekwad’s baseless claims to mislead public shareholders.
As per an announcement by Burman Group “Mr. Digvijay L. Gaekwad has not made any competing open supply. In his correspondence, he has solely made a Request for Permission to SEBI looking for their permission to make a competing open supply. Mr. Gaekwad needed to make the competing supply, if in any respect, inside 15 days from the date of public assertion, which was made by the Burman Group on October 4, 2023 however he didn’t achieve this. Over 400 days have now elapsed for entitling anybody to make a sound competing open supply. Regulation 20(5) of the SAST Laws bars any competing supply after this era. So, the query of looking for permission from SEBI itself doesn’t come up,” the assertion mentioned.

The Burman Group’s open supply targets the acquisition of 9,00,42,541 absolutely paid-up equity shares, representing 26% of REL’s expanded voting share capital, from public shareholders. The supply commences Monday and concludes on February 7.

The assertion additionally mentioned that the request for permission is solely missing in substance, bona fides, and affords no indication of any supply of funds and even the capability to buy the proposed shares.

“The truth that this purported letter, missing any bona-fides has been disseminated by REL to the stock exchanges, with out enterprise any diligence, reeks of connivance, deceit and gross recklessness amongst the manager management at REL. It’s clearly accomplished with the goal of deceptive the general public shareholders of REL on whether or not to take part within the open supply. We’re going forward with the Open Provide and are assured of its profitable closure,” the assertion mentioned.