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[Resolved]  Open offer of Ranbaxy Laboratories Ltd — non receipt of offer letter

Sir, 22.11.2009


Please refer COMPLAINT NO. DPG/B/2009/80498 dt. 01.10.2009 made to DPG & subsequently transferred to your dept. on 20.10.2009 by DPG intimating me that - Subject not in DPG's purview. I am still awaiting any reply from you. I am extreme financial sufferer due to apathy of ICICI SECURITIES LTD & RANBAXY LABORATORIES LTD.

I also complained to SEBI & in turn they issued lot of letters to them to explain but both are adamant & unresponsive.SEBI’S LETTER NO. are ACK.REF.NO. 2009/22186/01 dt. 10.10.2009, 2009/24527/01 dt. 31.10.2009,2009/24528/01 dt. 31.10.2009 & 2009/25014/01 dt. 07.11.2009 to RANBAXY LABORATORIES LTD.as well as 2009/24669/01 dt. 04.11.2009 to ICICI SECURITIES LTD.

RANBAXY LABORATORIES LTD. & ICICI SECURITIES are still sleeping ON MY LOT OF MAILS .
They have grabbed my BUY BACK opportunity by not sending OFFER LETTER They are not clarifying the points raised by me. Their non-response is tantamount to accepting their fault in the eye of law.

The Regulation 22(3) of SEBI SAST says that “The acquirer shall ensure that the letter of offer is sent to all the shareholders of the target company, whose names appear on the register of members of the company as on the specified date mentioned in the public announcement, so as to reach them within 45 days from the date of public announcement”.

I have never received any such offer letter . In spite of demanded the PROOF of my receiving of SUCH OFFER LETTER AS PER Regulation 22(3) of SEBI SAST which require that the same must reach within 45 days FROM THE DATE OF PUBLIC ANNOUNCEMENT.They keep silent.

Why not some punitive action is taken against ICICI SECURITIES LTD & RANBAXY LABORATORIES LTD.and save the statutory right of investors.

I need specific reply from them which they are avoiding since long.

Please help me to be robbed.

R.N.SAH

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The entire story is summarized stated as below in letter given to Ms. Deepa Bahal of ICICI SECURITIES LTD. ETC. ON 20.10.2009 which is still un replied.


To,
ICICI SECURITIES LTD.,
ICICI Centre. T. Parekh Mark, Churchgate, MUMBAI – 400 020

Kind Attn: Ms. Deepa Bahal

Madam,

Re: Open Offer of Ranbaxy Laboratories Ltd. (“RLL” or “the Company”)

This is with reference to your letter dated September 14, 2009 and SEBI’s Letter reference number CFD/DCR/TO/RM/173720/09 & CFD/DCR/TO/RM/169816/09.

First of all, I must make you know that you are so confused on this matter that you have dispatched the same above mentioned letter to me twice THAT TOO WITHOUT ANY COVERING LETTER. You have enclosed many papers with your letter but these do not answer my specific queryDO YOU ABLE TO UNDERSTAND ME?. I do not understand as to on what quality you have been appointed as an Assistant Vice President while you are not able to understand my simple and specific query. THIS IS SHAME FOR ICICI SECURITIES LTD.

Through 1st Para of my past communication, I had already requested you to understand my query first and then to reply. It is better to discuss the matter more concisely without wasting our time in superfluous matters otherwise; I would reiterate it time and again. DO NOT TRY TO MAKE ME FOOL & MISGUIDED. THE MAILS SEND BY YOU MAKE ME UNDERSTAND THE QUILITY OF ICICI SECURITIES LTD. IN GENERAL & YOU IN PARTICULAR.


You have never replied my specific and simple questions. Once again, I am asking you the same questions which you are avoiding to answer. If you are not able to understand my query why do you not take help from your qualified seniors? Or, should I consider that you are intentionally ignoring to reply my specific query? But it seems to me that your quality is not up to mark because you have been trying to reiterate me time and again.

The Regulation 22(3) of SEBI (SAST) says that “The acquirer shall ensure that the letter of offer is sent to all the shareholders (including non-resident Indians) of the target company, whose names appear on the register of members of the company as on the specified date mentioned in the public announcement, so as to reach them within 45 days from the date of public announcement”.

However, there is no mention as to by which mode of communication the offer letter would be sent. Only delivery of letter through UCP (Under Certificate of Posting) does not mean that it would reach the destination within 45 days. Then how the acquirer (You acting as an agent of the Acquirer) has got ensured that the Letter of Offer has been sent to the Shareholder and the Shareholder would certainly receive the same within 45 days? It is the duty of the acquirer to get ensured on the mode of dispatch so that the letter of offer is being received within 45 days.

Let us come to our main point and reply my following simple specific queries properly. For your particular attention I am giving my queries in Bold Type with Blue Colors:

1.Under what regulation of the SEBI you opted to send the Letter of Offer by UCP (Under Certificate of Posting)?
2.Considering the provision of Regulation 22(3) of SEBI (SAST) why the Acquirer did not get ensured on the matter of the Letter of Offer being sent as well as its receipt within 45 days? Because UCP gives only the proof of dispatch of the letter but not its delivery within 45 days.

3.Should I not think that you wanted to misguide me by your vague reply?

Hope this time you would certainly prove your capability and answer the above only specific queries and nothing else.

At last, why you are not getting courage to call at my
CELL NO. - [protected]

Thanking you,

Yours faithfully,
(R.N.SAH)
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  7 CommentsShareTweet

Comments

ranbaxy buyback — non reciept of amount of buy back

the repurchase/buyback is over but the company till date has not given the amount which a shareholder is entitled to after the buyback and the way in which the buyback documents were sent in last moment is really shocking. it seems SEBI has been appointed to help them

siddharth
Very true siddharth, even I was wondering if there is anybody out there who have already received the amount from Ranbaxy. They are taking a very long time indeed.
I agree with Siddharth.
Also can any one have the contact information phone number etc..
So that we can check the status and get update?

ranbaxy — RELATED PAYMENT OF BUY BACK OFFER

Sir, i had transferred my 250 RANBAXY shares as per buyback offer, so far i have not received any intimation in this regard . i just want to know 1- whether all the shares i have transferred will be bought ?.2-when the money will be sent ?3- ?If the new company does not buy all the shares offered to it, when they will be sending back the shares ?
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I ALSO HAVE TO RECEIVE BUYBACK AMOUNT OF 92 SHARES. IF HAVE ANY INFORMATION ABOUT THE SAME. PLEASE SHARE WITH ME. AS PER MY KNOWLEDGE, THEY HAVE TO RECEIVED CERTAIN CLEARNACE FROM THE GOVT. I HOPE THEY WOULD HAVE GOT THE SAME TILL NOW. WHY THEY ARE DELAYING, NOT NON TO US.
There seems to be no communication from Ranbaxy, Karvy(registrar) or ICICI Sec(Lead Managers). Very bad situation on the payment of buyback shares. It is more than a month and company seems to unapologetic

ranbaxy — Non receipt of Ranbaxy buy back offer letter

Sir
I am holding 100 shares of Ranbaxy since long, my address is unchanged since long time my demat ac no. is 11653137 of
in 300484 axis bank ltd . inspite several complaints Ranbaxy did not respond and I stand to lose several thousand rupees.Please do something about it.

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