In response to the Sebi order, a Religare spokesperson said: “As per Sebi’s advisory the company will apply for the fit and proper status of the acquirers for the open offer to the concerned regulators including the RBI.”
The regulator said unless Religare applies for approvals, the open offer made by the Burmans’ would turn infructuous.
Also, the open offer, once made, can be withdrawn only in certain circumstances and there is a necessity to provide the shareholders an exit option, Sebi said.
“It goes without saying that SEBI has no role in processing of the said application by RBI and IRDAI. The said authorities are free to examine the fit and proper status of the applicant or any other criteria within their regulatory ambit,” Sebi said.
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