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Ondeo Nalco parent seeks exemption from open offer.
(From Business Line)
KOLKATA, Oct. 17. SUEZ of France, the parent of Ondeo Nalco India Ltd (formerly Nalco India Ltd), has recently responded to a notice issued by the Securities and Exchange Board of India (SEBI) regarding an alleged violation of the SEBI (substantial acquisiton of shares and takeovers) Regulations, 1997 and has sought exemption from the provisions of the regulations regarding an open offer to the shareholders of Ondeo Nalco India.
The exemption has been sought on the ground that the French company got control over the Indian outfit through the merger route, and not the direct acquisition route. Suez has referred to the Regulation 3 …
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