Abhishek kumar aashish jindal

Sebi exempts govt from making open offer to IOB shareholders

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Sebi exempts govt from making open offer to IOB shareholders

December 21, 2013

Capital market regulator, Securities and Exchange Board of India (SEBI) exempted the government from making an open offer to public shareholders for acquiring shares of Indian Overseas Bank (IOB). The order was issued after the Government planned to raise its stake in IOB by 5% to 79 % by infusion of Rs 1,200 Crore. After the purchase government’s stake in IOB will raise by little over 5% to 79.01%.

SEBI in its order has said that the minimum public shareholder level in IOB, which is 10% for public sector units, would be maintained even after the proposed hike in Government hike in the bank. There will be no change in the management control of the bank.

NoteAs per the rules, when entities holding 25% or more stake in a company acquire an additional 5% or more stake in the firm, they are required to make an open offer so as to provide an exit opportunity to the public shareholders.

Devyani Khobragade case: Government transfered diplomat to Indian permanent mission to UN

December 21, 2013

The Ministry of External Affairs transferred diplomat Ms Devyani Khobragade to India’s Permanent Mission in the United Nations, giving her full diplomatic immunity.
Why Ms Devyani Khobragade has been transferred to India’s Permanent Mission in the United Nations?

Ms. Devyani Khobragade, India’s deputy consul general in New York, arrested in the 2nd week of December 2013 for an alleged case of visa fraud and to make false statements in connection with the visa application for an Indian national employee who was domestic helper in her home.

  • Later on, she was released on a $250000 bond after she pleaded not guilty in a court. She will have to face a maximum of 15 years in jail if convicted on both matters.

  • The U.S. State Department clarified that Indian diplomat does not enjoy immunity from US laws. It is firm about its policies in support of the domestic workers.

  • Under the Vienna convention on consular relations (VCCR), the Indian Deputy Consul General enjoys immunity from the jurisdiction of US courts only with respect to acts performed in the exercise of consular functions.

  • Due to the fear that Ms. Khobragade may be detained again, posted to UN. Here, she will enjoy full diplomatic immunity and US can’t arrest her.

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