Court : Authority for Advance Rulings
Honble Chairman 1. The applicant, Burmah Castrol Plc. is a non-resident company incorporated under the laws of England and Wales. The applicant submits that during the financial year 2001-02, as per the directive of SEBI, it acquired 12,77,292 equity shares of Foseco India Limited (hereinafter referred to as FIL), an Indian company, for an acquisition price of Rs.221.86 per share and also as per those directives paid a further amount of Rs.49.1429 per share for the delay in making the Open Offer. The payment of the said cost of acquisition of Rs.271.0029 was made in foreign currency i.e. Sterling Pounds. The shares have been held by the applicant for more than 12 months. The shares of FIL are listed on the Bombay Stock Exchange and National Stock Exchange. 2. The applicant states that The Cookson Group Plc. made a public announcement to the shareholders of FIL pursuant to the Regulations of SEBI to acquire upto 20% of the shares of FIL at a price of Rs.420 per share. The Applicant tend...
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Honble Chairman 1. The applicant is a non-resident in India and is a resident of Singapore. He carries on business in the manufacture and sale of gold jewellery in Chennai under the name and style of Mustafa Gold Mart. The applicant is the sole proprietor of that business. Through that business concern, the applicant sells jewellery in local market as well as by export, mostly to Singapore. The applicant has established a Company in Singapore under the name of Mustafa Pte. Ltd. and he holds bulk of shares therein. He is also Managing Director of another Company by name Md. Mustafa and Samsuddin Company Pte. Ltd., Singapore. Apart from the proprietory business of dealing in gold jewellery, the applicant is engaged in the activity of purchasing gold ornaments and exporting the same. Moreover, the applicant purchases gold for the purpose of conversion into jewellery and exports the said jewellery. The applicant submits that the activities of purchase of gold/gold ornaments for export are...
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