Small Investors' Welfare Association

TEXT OF LETTER WRITTEN TO SEBI 

Mar 30, 2022

Kindly note that the Open Offer for Escorts closed on 28th March 2022. As per the directions of SEBI the Manager to the offer had to inform through the stock exchanges the number of shares tendered. 

The last such announcement was made by the manager on 28th March 2022  lacked clarity and ensued a lot of confusion amongst investors. The letter (copy enclosed) said  "51,944,014 Equity Shares have been tendered... as of 5:55:23 pm IST on 28 March 2022" 

This failed to state till the time of closure or anything to the effect that this was the final number. Investors were confused,  if this is the final number of shares tendered or the offer was open till 12 PM Midnight.

A little bit more clarity in communication from the  top ranking merchant banker would have been appreciated.

 

It will also not be out of place that on the telephone numbers of the manager, given on the Letter of Offer, whenever an investor called, the stock reply was -- you write your query, there is no one available for any kind of discussion. Neither Mr. Prakhar Jaju or anyone else is available. The person on the other side even refused to give her name. Trying to talk to such manager is a sheer waste of precious time.

You are requested to kindly issue necessary directions to ensure that :

1. The person whose name is given, is available on the telephone number given, to answer investors' query. 

2. All communications  are clear and unambiguous.

Thanks & Regards

For Small Investors' Welfare Association,