Sunday, Sep 07, 2003
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CHENNAI: The RBF Depositors' Welfare Association has moved the Economic Offence Wing of the Government of Tamil Nadu with a plea to seize the shares of M. Sreenivasulu Reddy, Chairman, Balaji Group of companies, and his associates in the Mumbai-based Herbertsons. The Chhabrias have recently announced public offer to buy Herbertsons shares in line with the SEBI (Securities and Exchange Board of India) fiat. The Chhabrias were told to make the offer at Rs. 90.65 per share of Rs.10 face value. Further, they were asked to pay interest at the rate of 15 per cent to those who have been holding Herbertsons shares since January 25, 1995. Going by this, the Association reckons that the price of a share should work out to Rs. 210. The Association believes that there could be some counter offer by Vijay Mallya. Reading against these backdrops, the Association feels that the shares held by the Balaji Group Chairman and his ilk could easily fetch around Rs. 10crores. The Association wants the Economic Offence Wing of Tamil Nadu Government to seize these shares and use the money realised through participation in the open offer to settle the pending dues of depositors/ investors. — Our Special Correspondent
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