Sebi debars Khemkas from accessing capital markets for five years

Mumbai, Aug 3: The Securities and Exchange Board of India (Sebi) has debarred the Chennai-based Khemkas and their group companies from accessing the capital market for five years for violation of regulations and listing agreements.

The acquirers (Khemka’s) while making an open offer to public shareholders of Skyline NEPC Ltd, formerly known as Damania Airways Ltd (DAL), had failed to comply with time schedule (for offer and payments), Sebi said in a release here on Friday.

The Khemka group comprising Ravi Prakash Khemka, Rajkumar Khemka, Ratan Kumar Khemka, Tripathi Kumar Khemka and Madusudan Khemka acquired 12.50 lakh shares (3.89 per cent of capital) from the promoters of Damaina Airways Ltd (Dal) were asked to make open offer to public shareholders for 20 per cent of the voting capital (64.66 lakh shares) of DAL. However, the offer to the public (September 24, 1995) was made at Rs 19.60 per share, value less than the price paid to acquire 3.89 per cent stake of DAL promoters, Sebi said.

They were asked to raise offer price to Rs 35.25 per share. The offer opened and closed on February 1 and Feb 29, 1996, respectively. The total consideration payable for the 64.66 lakh was Rs 22.80 crore. They acquirers agreed to pay the consideration by March 28, 1996, But, they failed to comply with directives and sought for extension of time.

-- PTI