Gaekwad competing offer: Gaekwad submits fresh plea on competing offer to that of Burmans for Religare

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Mumbai: Florida-based businessman Digvijay Laxmansinh Gaekwad has once again submitted a fresh application to market regulator Sebi to submit a competing offer that he wants to run parallel to the Burmans' ongoing open offer in Religare Enterprises (REL).

Sebi had earlier returned Gaekwad's application, citing non-compliance with its regulations. Gaekwad said he is ready to establish an escrow arrangement upon Sebi's approval and sought necessary approval from the Reserve Bank of India. He has also appointed PL Capital Markets as the merchant banker for this bid.


During the hearing last week, senior counsel Aryama Sundaram, representing Rao, suggested Gaekwad was preparing to file a fresh exemption request.

"Senior counsel Aryama Sundaram's statement hints at collusion between Gaekwad and Rao to block Burmans' open offer at any cost," said Shriram Subramanian, managing director, InGovern Research Services, a corporate governance research firm.


An email query sent to Gaekwad and the lawyer of Sapna Rao did not elicit any response till the time of press. The writ petition presided over by justice Manoj Jain saw Rao seeking interim relief to stay the upcoming 40th annual general meeting (AGM) of REL, scheduled February 7. It also wants Gaekwad's competing offer to be allowed to run in parallel with the Burmans' open offer.
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