(a) Whether the Government have ordered an enquiry / investigation in regard to takeover of L&T by Birla’s;
(b) if so, the present status of the enquiry / investigation; and
(c) the action taken or likely to be taken by the Government in regard thereto ?
MINISTER OF STATE IN THE MINISTRY OF FINANCE AND COMPANY AFFAIRS(SHRI ANANDRAO V. ADSUL)
(a) No, Sir. However, the Securities and Exchange Board of India
(SEBI) has decided to conduct an investigation against GRASIM
Industries Ltd. (acquirer), L&T (target company), Reliance
Industries Ltd. (seller) and JM Morgan Stanley Pvt. Ltd.
(merchant banker) in terms of the SEBI (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997.
(b) The investigation is in progress.
(c) Appropriate action will be taken depending on the outcome of the investigation.