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HC upholds Sterlite's buyback offer

MUMBAI JULY 15. The Bombay High Court today upheld the share buyback offer made by Sterlite Industries and dismissed the petitions filed against the scheme by the Securities and Exchange Board of India and others. A division bench, comprising Justice A. P. Shah and Justice Rajana Desai, decreed that Sec. 391 of the Companies Act, 1956, which governs the company's buyback scheme, was distinctly independent of Sec. 77A of the Companies Act 1956.

In regards to the shareholders who have not responded to the buyback offer or did not encash the cheques, the court directed the company to provide a safety net to them. — UNI

Criminal prosecution against plantation entities

1 MUMBAI, JULY 15. The Securities and Exchange Board of India has launched criminal prosecution in Delhi against eight plantation companies for violation of SEBI (Collective Investment Schemes) Regulations, 1999.

The companies had raised several lakhs of rupees from investors under various schemes and failed to wind them up and refund the amount despite directions of the market regulator, SEBI said in a release here today. The directors of the Endowment Projects (I), Golden Land Development, Golden Projects, Himgiri Plantations, United Agrogrowth and Resorts, United Capital Services (I), Veerbhumi Plantations and Versatile Plantations have also been prosecuted. — PTI

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