ORDER

Civil Appeal No. 7304 of 2003

1. Heard the parties.

2. It is observed that the issues raised in this appeal are partly covered by the judgment of this Court in Clariant International Ltd. v. Securities & Exchange Board of India1. In view thereof, the following directions are issued:

(i) The appellants will make the public announcement of the offer within a period of 45 days from the date of this order having regard to the referral date as 28 - 4 - 1999.

(ii) The appellants will pay the offer price with interest at the rate of 10% per annum with effect from 27 - 8 - 1999 till the date of payment to all those who were shareholders on 27 - 8 - 1999 and continue to be shareholders of the target company on the closure date of the public offer.

3. The bank guarantee furnished under order dated 17 - 11 - 2003 in favour of the respondents shall be kept alive till conclusion of the purchase pursuant to the public announcement and offer.

4. The appeal is disposed of in the aforesaid terms. No costs.

Civil Appeal No. 8540 of 2003

5. In view of the orders passed today in Civil Appeal No. 7304 of 2003, no orders are required to be passed in this appeal.

6. The appeal is, accordingly, d