Sebi returns US-based entrepreneur Digvijay ‘Danny’ Gaekwad’s offer letter for REL stake

Market sources said Sebi did not judge the Gaekwad’s connection arsenic it did not autumn wrong the stipulated timelines and it failed to travel the required process, including assignment of concern bankers.

REL shares fell 3.69 per cent to Rs 243.05 connected the BSE connected Tuesday.

Gaekwad’s antagonistic connection of Rs 275 a stock successful currency was made connected Friday evening, conscionable 2 days earlier the unfastened connection of Rs 235 a stock made by the Burman household of the Dabur radical opened connected Monday.

In a missive to the SEBI, Danny Gaekwad Development & Investments said “the connection size for our projected competing connection stands revised… our projected unfastened connection volition beryllium for 55 per cent of the outstanding equity stock superior of REL successful compliance with Regulation 20(2) of the SAST Regulations.”

The Burman household claimed that the competing connection falls extracurricular the 15-day model stipulated by the Sebi takeover code, pursuing their archetypal connection connected October 4, 2023. “In his correspondence, helium has lone made a Request for Permission to the Sebi seeking their support to marque a competing unfastened offer. Gaekwad had to marque the competing offer, if astatine all, wrong 15 days from the day of nationalist statement, which was made by the Burman Group connected October 4, 2023 but helium did not bash so,” the connection by the Burmans said.

Gaekwad is the laminitis of US-based Nextgen Digital Solutions (NDS), a Microsoft Gold Partner, with beingness successful India. NDS has been providing IT end-to-end solutions to tiny and medium-sized businesses with IT endeavor solution services that were antecedently lone disposable and affordable to Fortune 300 companies.

Danny besides owns and operates ‘DG Hospitality’, the edifice edifice absorption consulting institution which does income and the selling for hotels & restaurants from inception to operation. “Danny Real Estate part is thriving since past 20 years. He owns 1000s of residential tons crossed Florida and Kentucky State. Dozens of residential rental condos crossed the Florida,” NDS website says.