Mumbai, Oct 11: The acquisition of 12 per cent stake in Bombay Dyeing by the Calcutta-based jute baron Mr Arun Bajoria has created ripples in corporate arena. According to an eminent merchant banker "As Bombay Dyeing is a cash and property rich company with stocks highly undervalued it gives ample chance to Mr Bajoria to reap returns from it. We need to wait and watch to see what steps Mr Bajoria takes in the present circumstances."Reliance, on the other hand, said it was not interested in picking up any part of Mr Bajoria' s stake. The question that basically one is concerned about is whether Mr Bajoria has informed the company of his acquisition, which is denied by the Bombay Dyeing officials. If Mr Bajoria has notified the company then Bombay Dyeing can not refuse to transfer the shares.
According to another merchant banker "After the amendments of the Securities Contract Revelation Act which made securities transfer in electronic mode, it is very difficult to decipher the actual purchaser and seller of securities.
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