Thursday, November 15, 2012

SEBI RIGHT TO REVISE OF PRICE CHALLANGED AT SC

The world's largest paper company, International Paper, and its Singapore-based subsidary IP
Holding Asia Singapore PTE moved to Supreme Court, challenging the sectoral tribunal's order
that directed companies to hike the open offer price to shareholders of Andhra Pradesh Paper
Mills. NYSE-listed International Paper and IP Holdings in March last year had acquired 53.46% stake by striking a deal with the promoters of Andhra Pradesh Paper Mills for around Rs 1,112 crore.
Subsequently, it made an offer to shareholders of the company as required under the law, but had paid non-compete fees selectively to the founders - the Bangur family.

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