The Supreme Court bench comprising Justices G S Singhvi and Ashok Kumar Ganguly on 27 August 2010 refused to restrain Vedanta Resources' subsidiary Sesa Goa from launching an open offer to buy 20% stake in Cairn India. An application filed by one Sesa Goa shareholder Harinarayan G Bajaj who complained that there was no merit in the application. A case was filed against the company in the Supreme Court opposing the proposal to make an open offer to shareholders of Cairn India. Anil Agarwal-owned Vedanta had declared that it would make an open offer through its group company Sesa Goa to Cairn India shareholders to buy 20% stake at Rs. 355 per share. It was decided that the open offer would start on 11 Oct 2010 and ends 30 Oct 2010. UK-based explorer Cairn Energy had in mid August 2010 announced its plan to sell up to 60% equity stake in Cairn India to Vedanta Resources Plc for $8.5-9.6 billion.
SC Not to Restrain Sesa Goa from Launching an Open Offer
The Supreme Court bench comprising Justices G S Singhvi and Ashok Kumar Ganguly on 27 August 2010 refused to restrain Vedanta Resources' subsidiary Sesa Goa from launching an open offer to buy 20% stake in Cairn India.
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