SEBI returned a letter to Danny Gakwad, which allows to bid for the share of religion

SEBI returned a letter to Danny Gakwad, which allows to bid for the share of religion


The Securities and Exchange Board of India on Tuesday returned the letter to US-based investor Danny Gakwad, which sought permission to openly offer competitive for the equity shares of charitable enterprises. The regulator found that there was no exemption under the letter safety law regulations.

Gacwad’s proposal spoke of 17% premium for Rs 235, which was done by the Dabur Fame Burman family for 26% stake in Riligre. In addition, their proposal is for 55% stake in the company.

In a clear conversation with NDTV benefits on Monday, Gacwad mentioned, “For any investor, whether it is in India or abroad, the purpose of investment is to earn money.” He said that the evaluation of religion was “lowly low”, making it an attractive opportunity.

However, when the proposal of Gakwad came to light, the Burman family also released a media statement in its response. The statement mentions that his proposal is not a formal as he only sought permission from SEBI to be able to do so. Burman further mentioned that Gakwad is already late to make a proposal.

“Shree. Gaikwad was to make a competitive proposal, if at all, within 15 days from the date of public statement, which was created by the Burman Group on October 4, 2023, but he did not do so,” the statement said.

(Tagstotransite) Resiler Enterprises Limited