The Securities and Exchange Board of India may approach the Central government or law-enforcement agencies to get information from foreign jurisdictions in the Adani-Hindenburg case. Sebi is awaiting details on end-beneficiaries of foreign portfolio investors in connection with the charges levelled by the US-based Hindenburg Research against the Adani Group. The market regulator may refer the matter to ministries because some offshore regulators were not very forthcoming in providing the information sought, citing privacy reasons, said two people in the know. Sebi may exercise info-sharing rights under IOSCO, MoUs with nations.
Max Healthcare to sue TPG
Max Healthcare Institute has moved the Bombay High Court against TPG, the owner of Care Hospitals, after the private equity firm favoured Blackstone’s offer over Max’s takeover bid. As per a report in The Economic Times, Blackstone, has offered a price that is 15-20 per cent higher than Max Healthcare’s offer. Max Healthcare, which offered Rs 3,700 crore for the takeover, has claimed that there is a breach of their term sheet agreement over a “specific performance” clause. The hearing will be held on May 3. Last week it was reported that Max Healthcare and TPG have signed “deal exclusivity” for bilateral negotiations in April. Abhay Soi-led Max has already given a firm offer to TPG within the stipulated six-week window for a buyout, which also includes an option on the Bangladesh assets. Max had said it wanted to run the Bangladesh operations for two years before making an offer to buy it. The Care Hospitals’ valuation was pegged at Rs 5,500-6,500 crore, another ET report said.
Blackstone has been the sole contender for Care last December after Temasek-backed Shears backed out to look into the deal of Manipal Hospitals.
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