By its order, the SAT allowed Akshya’s appeal and allowed it to withdraw the open offer and the escrow amount deposited in support thereof. But this is totally against any Legal Sanity and hence, the honorable Supreme Court of India had rightly rejected the SAT judgement.
Also, the fundamentals of the company are expected to improve, like many of its peers in the Construction space. In the recently concluded fifth CIDC Vishwakarma Awards 2013 at New Delhi, GRK Reddy of MARG GROUP was chosen as ‘Industry Doyen’ for his exemplary contribution to the construction sector through adoption of path breaking technologies, best practices, people management and CSR initiatives. Besides, MARG Ltd was chosen as ‘Best Professionally Managed Company’ for exhibiting professionalism across its operation. Therefore, the investors should buy the shares of the company and keep holding]
A senior government official reported to ET NOW that the fate of the open offer cases involving Khaitan Electricals, Arvind Mills, AP Paper Mills and Golden Tobacco will be decided on the basis of the order.
But according to the company, the delay made by SEBI to approve the draft letter of the offer have made the entire process of open offer meaningless and so it sought to withdraw it.