Judgment:
2. The appellants were also shareholders in Hindustan Oil Exploration Ltd., the target company for whose 20% share acquisition a public offer is being made by Burren Energy India Ltd., respondent no. 2 and Unocal Bharat Ltd., respondent no. 3.The appellants have also prayed for interim stay of operation of the public offer which has been cleared by SEBI respondent no. 1 vide their letter dated July 25, 2005.The public offer has already opened on 16.8.2005 and at this stage an interim stay would not be appropriate. As such, the request for interim stay is turned down.
3. The main grievance of the appellants seems to be that the various objections to the public offer, which they had raised by a letter dated 21.7.2005 addressed to SEBI have not been or could not have been considered by SEBI before the respondent no. 1 issued their letter dated July 25, 2005 giving their comments on the draft letter of offer by respondent no. 2 & 3.The learned counsels for all respondents agreed to the suggestion that if that be the case the matter could be referred back to SEBI for their consideration of various allegations made in the appellant's letter dated 21.7.2005 and SEBI to convey their decision to the appellants before the offer closes on 5.9.2005.The learned counsel for appellant mentioned that from the time SEBI's final decision is received they should have a few days time to decide, as shareholders, whether they would like to accept this offer.The appellants did not want to foreclose on that option. He therefore requested that a decision from SEBI within a week may be directed.
4. After hearing the learned counsel for SEBI we feel that while one week time may be little too short, there is substance in the request made by the appellant also. Accordingly, we direct that SEBI may consider all the points raised in the letter of 21.7.2005 of the appellants and convey their decision within 29.8.2005.