INDIA: SEBI fines Holcim for breach of India mandatory bid rules

Friday August 25 2006

SEBI has fined Holcim Ltd 250 million rupees (US$5.4 million), the maximum allowed by law, for flouting takeover rules.

Holcim, the world`s second-biggest cement maker, in March 2005 offered to buy more shares of India`s Associated Cement Companies Ltd, raising its stake to one-third. The Switzerland-based company then failed to make an open offer to shareholders of Everest Industries Ltd, a New Delhi-based maker of asbestos cement products, in which Associated Cement held a 76 percent stake. Holcim indirectly acquired majority control of Everest and its failure to make an open offer was in violation of regulations.

Click on the above link for more details.