Sebi contests extension for Bright Star
Hyderabad—A Sebi counsel has expressed his opposition for granting five more days for the open offer, saying that the offer is open in real terms, as Brightstar had accepted the shares submitted by the shareholders responding to the open offer till June 12, despite the interim orders passed by the Andhra Pradesh High Court on June 8.

Sebi said that it had carried out necessary investigations and it had ordered the merchant banker to include more disclosures regarding the Damanis in the letter of offer.

Exasperated with the Sebi counsel’s opposition to grant five more days to complete the offer process by Bright Star, Ask-Raymond James chief executive officer Mr John Band felt that the market regulator is taking an ‘anti-investor’ stand in the issue and said that Sebi is expected to safeguard the interests of the investor and try to provide the best price in the event of a takeover.

Even the individual shareholders prefer to wait till the dispute is settled. Therefore the court was requested to extend the offer period by five days, Mr Band added.
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Sensex stable despite volatility of market
Mumbai--The stock market closed almost unchanged at Wednesday’s level despite huge selling pressure at the end of the day.
In a volatile market with thin volumes the BSE recorded turnover of less than Rs 1,000 crore at Rs 988 crore.
The Sensex closed at 3405.64 — down 0.41 points. S&P CNX Nifty on the NSE moved between a high of 1102.45 and low of 1090.25 before settling 1.75 points or 0.15 per cent lower at 1095.85.
While FIIs were buyers in specific stocks like Infosys, Wipro, local funds were buyers in MTNL, SBI, Tata Tea, Polaris, Glaxo and tech stocks. Market analysts said that the overall market movement had narrowed, and predicted the market would remain dull as July 2, 2001 is approaching.
The media sector was the only one, which was a gainer in the last seven trading sessions. Nestle was up on news of creeping acquisition by the parent company. Major gainers were NIIT, BFL, Infosys, Wipro, Indo National, D-Link, Citicorp, Aptech, HDFC Bank, Bayer and P&G.
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