Sebi waives off hurdles to Yashvardhan Jatia Trust in making open offer for Pudumjee Pulp

MUMBAI: The Securities and Exchange Board of India has granted exemption to Yashvardhan Jatia Trust from making an open offer in Padumjee Paper Products Limited with certain conditions.

The regulator said after completing the proposed acquisition of shares, the trust would have to file a report with Sebi within a period of 21 days from the date of such acquisition.

"The Proposed Acquirer/Trust shall confirm, on an annual basis, that they are in compliance with the exemption order passed by SEBI. The said confirmation shall be furnished to the Target Company, which it shall disclose prominently as a note to the shareholding pattern filed for the quarter ending March 31 each year, under Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," Sebi said.

However, the regulator said exemption from making open offer should not be construed as exemption from the disclosure requirements under the takeover code and the company would have to make the required disclosures.