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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SEC to take 'Necessary Action' for Deshabandhu Dr. Ali Asger Shabbir Gulamhusein lead ADAM Investments sale of PC Pharma?

SEC to take 'Necessary Action' for Deshabandhu Dr. Ali Asger Shabbir Gulamhusein lead ADAM Investments sale of PC Pharma?

Go down  Message [Page 1 of 1]

DealKing

DealKing
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Insiders from Overseas Realty owned World Trade Centre Colombo notes that Sri Lank'a Stock Market Regulator has been deliberately discussing the matter of 'Adam Investments lead by Deshabandhu Dr. Ali Asger Shabbir Gulamhusein selling over 31 million PC Pharma (PCP) shares (over 31% of company's share capital) at Rs.2.90 to Rs.2.10 levels making over Rs.10 million profit within a period of less than one and a half months (from June 25) when a Mandatory Offer was in place that was offered by the Adam Investments to acquire all the remaining shares of PCP.

Accordingly SEC officials have been having a strong meeting to discuss the matter and is yet to take 'Necessary Action' for breaking 'Takeover & Merger Code'

Note- 'Takeover and Merger Code' States that:
Section 29.
(1) During the offer period the parties to the transaction (except in a partial offer) and their associates shall be free to trade subject to daily disclosure to the Stock Exchange and the Commission (not later than 12 noon on the dealing day following the date of the relevant transaction) of the total number of shares of any offeror or offeree company purchased or sold by such offeror or offeree or their respective associates for their own account on any day during the offer period and the price at which such shares were purchased or sold.
(2) All purchases and sales of shares of any offeror or offeree company made by any associate on behalf of any investment client who himself is not an associate shall be reported to the Stock Exchange and to the Commission.

Read the Takeover and Merger Code and find out yourself.

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Thanks DK Very Happy

SEC Must Act Swiftly before we forget  scratch  and it becomes a thing in the PAST Very Happy

SHARK aka TAH

SHARK aka TAH
Expert
Expert
SEC Must charge 10 Million X 2 +++ Very Happy And make them pay .....  Cool 

SHARK aka TAH

SHARK aka TAH
Expert
Expert
Strip Off his Title also make him SahaBandu Very Happy

lux2014

lux2014
Manager - Equity Analytics
Manager - Equity Analytics
SHARK wrote:Strip Off his Title also make him SahaBandu Very Happy

How about MesaBandu ?  Rolling Eyes 

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
As per today's PCHH corporate disclosure, the is a court case about major point in the mandatory offer document ,but none made any disclosure the market

Meman


Manager - Equity Analytics
Manager - Equity Analytics
Mr Deshabandu will give ****************** and get away. From start manipulation brought kudu deshabandu for AINV IPO etc.



Last edited by SHARK on Fri Aug 08, 2014 9:29 pm; edited 1 time in total (Reason for editing : Lets be cautious...... and we do not want to go that far know :D i do understand this guys games... :D)

sureshot

sureshot
Vice President - Equity Analytics
Vice President - Equity Analytics
game is over now, ball passed to retailers

same with CIFL ........
We Do not know which Bandu is playing with CFIL
be careful ............

Profit/ loss urs

manolanka


Equity Analytic
Equity Analytic
SEC never taking any action in this regard. Investigating result is "O". Fine 10 million is not enough. Because profit is bigger than thousand times of the fine. SEC officers have not backbone to change this. 7 members out of 10 members of SEC are nominated by Central bank. They are meeting once in a blue moon. Leaders of Manipulation are the control the market now. Retailers must very careful when buying penny and controversial stocks now.

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
SEC should immediately reverse the PCP selling by AINV which is against the Take over and mergers code.

PCP, AINV and PCHH shares should have a trading halt until this is done.

PCHH offer document is also controversy about the sale of a subsidiary.

wiser

wiser
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
at least sec has taken an action. Not like previous several cases. we must thanks sec and Mr. Nalaka Godahewa for this initiative. Hope they will promote fare play market.

stevenapple


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@dineshfernando wrote:SEC should immediately reverse the PCP selling by AINV which is against the Take over and mergers code.

PCP, AINV and PCHH shares should have a trading halt until this is done.

PCHH offer document is also controversy about the sale of a subsidiary.

Hope they have guts to do that.
Will be a monumental decision.

stockboy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
this time we should give good applause to nalaka goda heva and dammika perera they are taking brave action against adma by next week . transaction will be cancelled

Top Trader


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Am not sure, whether it's illegal to trade based on section 29 mentioned above, so have to wait and see how they act. But am waiting to see what action they intended to take about the material misstatement in the mandatory offer document,

Anyway as small traders we must take the responsibility for our actions don't go after abnormal profits

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Action by Toothless tiger ????

It only growls, you know.......

gamaya


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
similar kind of shit will happen to CIFL..
at some point..

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