Published on Sat, Sep 14,2013 | 18:51, Updated at Sat, Sep 14 at 18:51Source : Moneycontrol.com | Watch Video : 
In October 2012, the foreign parent of Fresenius Kabi, an Indian oncology drugs company, sold 9% of its stake via an OFS to a handful of foreign institutional investors. This in an effort to eventually meet the 25% minimum public shareholding norm. But 6 months later, Fresenius Kabi's promoter changed its mind and decided to delist the company. The foreign parent set a floor price of Rs 130 for the outstanding 19% of public shareholding. In May this year, Fresenius Kabi informed the Exchanges that it had received requisite shareholder approval for the delisting. But 10 days later that delisting plan was stymied. On June 4th, SEBI, in an interim order, imposed sanctions on over a hundred listed companies that had not complied with the 25% minimum public shareholding norm. Fresenius Kabi was on that list – and as a consequence its promoters were barred from buying or selling any shares – stalling the delisting process.
Fresenius Kabi approached SAT, the Tribunal sent them back to SEBI and SEBI in its final order allowed the delisting to proceed but imposed an additional condition – that Fresenius Kabi delist on the basis of its pre-OFS shareholding. The regulator cited investor complaints alleging that 'the entities who had purchased shares in the aforesaid OFS might have participated in the OFS with an intent to subsequently tender their shares at an artificial price in the bids for the delisting offer.' Governance advisory firm SES had raised a similar concern – that delisting would be easier after the OFS as the bulk of the shares to be acquired were held by institutional shareholders. Aggrieved by this additional condition Fresenius Kabi returned to SAT and won.
The Tribunal order says 'If delisting is in the ordinary course of business, then there is no reason for imposing conditions. It appears that impugned direction has been issued on the basis of certain complaints which are yet to be investigated.'
Did SEBI jump the gun or did it lose a winning case? I have with me two former SEBI Directors to answer that question – Sandeep Parekh and JN Gupta
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