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Invitation for Counter Proposals/Revised Proposals in Furtherance of the Revised Proposal Submitted by PACL Ltd. Dated July 03, 2018- (Securities and Exchange Board of India) (10 Jul 2018)


Capital Market

The Hon'ble Supreme Court vide its order dated February 23, 2018 in Civil Appeal No. (s) 13301/2015 inter alia decided that the sale of the properties of PACL Ltd. ("PACL") can be conducted in terms of the report of and under the supervision of the Justice (Retd.) R. M. Lodha Committee (in the matter of PACL Ltd.) (the "Committee"). The Order further stated that all the required procedures for the transparent sale will be assured by the Committee.

Pursuant thereof, vide letter dated March 16, 2018 the Committee communicated its willingness to consider a proposal of PACL for effecting sale of its properties in their entirety in accordance with the terms and conditions prescribed therein. Subsequent to the same, the Committee has inter alia received proposal dated April 14, 2018. The Committee thereafter invited counter proposals from desirous persons/ entities in respect of the proposal dated April 14, 2018 received from PACL. In furtherance of the same, the Committee has received nine (9) counter proposals, out of which two have made offers higher than the value of offer made by PACL by way of its April 14, 2018 proposal.

Subsequent to the same, the Committee has received a revised proposal vide letter dated July 03, 2018 from PACL revising the total offer value for the sale of the properties from Rs. 20,000 crore to Rs. 23,000 crore.

In this regard, the Committee provides a final opportunity to any desirous person/entity including PACL to submit their counter proposal/revised proposal in accordance with the terms and conditions as specified as per the Public Notice dated July 10, 2018 and available at https://www.sebi.gov.in/PACL.html by July 17, 2018, 17:00 hrs. Any clarification in this regard may be sought by e-mail to committeepacl@sebi.gov.in


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