The adjudicating officer of the Securities and Exchange Board of India (Sebi) has imposed a hefty penalty of Rs 25 crore on Holcim (India) Ltd, the Indian arm of Swiss-based Holcim, for not making an open offer in Everest Industries Ltd under the takeover guidelines. “Considering the large amount of money involved as a result of default by Holcim, which comes out to be in anyway above Rs 50 crore since they failed to give public offer under SAST Regulations, I think it appropriate to impose a penalty of Rs 25 crore on Holcim,” the order signed by AO Amit Pradhan said.Holcim had entered into a share purchase agreement with Gujarat Ambuja Cement and other sellers.
