The Chairman and Managing Director of the First Defendant recorded his commitment for the balance shares “as soon as the issues are resolved”. The strike price was fixed as Rs per share. The number of equity shares was reduced to half and face value to one fifth. Grasim together with the Second Defendant held at the material time Agriculture Market of India. The takeover bids are an important part of this biography. On 6th July , Grasim transferred
It may be sufficient to say that RIL could not manage to get support from the government, public at large and financial institutions. There is a serious dispute on the contents of the discussion between the officers of the two companies on 18th November Neither before the shareholders when meetings were held, nor before the Company Judge, was there any reference to the existence of any other agreement between the parties which would have the effect of modifying the basis of the Scheme of Arrangement to which the sanction of the Company Judge was sought. The Restructuring Agreement shall set out the framework of the entire transaction, the manner of implementation and the respective rights and obligations of the parties. The objectives of the restructuring agreement were defined as follows:.
While Grasim had paid Rs. There was an error processing the request. Finally, on November 18, RIL sold its entire Printable version May 23, 6: Equity ratio sharply improved to 0.
40 Years Ago… And now: L&T – The graveyard of corporate raiders
There is a claim for damages in the amount of Rs. The Second Plaintiff thereafter, applied for and obtained the permission of SEBI for the acquisition of an additional 0. FINC click on the button below, and select the case from the list of available cases: There is a serious dispute on the ll&t of the discussion between the officers of the two companies on 18th November Rathi, whole time Director and Chief Financial Officer on behalf of Grasim and it was stated that the original of the letter was being kept in the safe custody of S.
Also they made Birlas sell approx.
Explanation ii to Section 10 provides that unless and until the contrary is proved, the Court shall presume that the breach of a contract to transfer movable property can be relieved by providing monetary compensation except where the property is not an ordinary article of commerce, or is of special value or interest to the Plaintiff or consists of goods which are not easily obtainable in the market.
The Restructuring Agreement was therefore, to be the agreement embodying the entire transaction and defining parties’ rights, obligations and entitlements.
Section 10 postulates that specific performance of a contract may in the discretion of the Court be enforced where there exists no standard for asserting the actual damage caused by the non-performance of the act agreed to be done or where compensation in money would not afford adequate relief.
This resulted into EPS shooting up. The interlocutory relief which is sought in the Motion is for the appointment of a Receiver and for an injunction restraining the Defendants from alienating the shares and exercising any rights in respect of the shares including voting rights or from receiving dividends.
Chavan shares his insights on Summer Internships. Considering that the first offer of Birlas was for Rs.
As on grasin st Marchthe total cement capacity in India was approx. The Restructuring agreement was the foundation of the Scheme of Arrangement which was presented before this Court.
Gurumurthy said in a video massage. The dispute in the suit and in the Notice of Motion relates to a shareholding of 19,25, shares of the Defendants in the First Plaintiff.
Case Study in A Takeover Battle – Grasim vs. L&T|Finance|Case Study|Case Studies
The balance of the shares in the case which constitute 0. The percentage of equity shares proposed to be acquired was stated to be 0. Nor is it a primary information source. On 23rd Octobera communication was addressed on behalf of the Plaintiffs by Shri N. The expression “sale price” was defined to mean the price of Rs.
It may be noted that the price which had originally been fixed at Rs.
It is in this background that a brief reference to the case which is pleaded by the Plaintiffs would be in order.
The implementation of the transaction shall take place in terms of the Restructuring Agreement. Grasim would then make an open offer for 30 percent of the UltraTech’s equity at the same price and would take its stake to 51 per cent. A superbly successful placement season at Stuvy. Meetings were held and as Counsel appearing for the Plaintiffs has submitted, drafts were exchanged.
He has stated in his affidavit that he immediately called up Mr. In or aboutgrssim First Defendant “Grasim” held