The proposed sale of 33.12% equity shares of Prime Focus Ltd. (PFL) by Credit Suisse (CS) to the PFLs promoter group at Rs 44.15 per share is a blatant abuse of the purported rights by CS under certain lending agreements with RCAP Group.
The proposed sale price is at a substantial altogether unwarranted discount to the intrinsic value of Prime Focus Ltd's shares.
The proposed transaction violates several laws, rules and regulations, including inter alia SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, Black Money
(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Foreign
Exchange Management Act, 1999, and the extant RBI guidelines.
"As legally advised, RCAP Group will seek all appropriate judicial and regulatory intervention to protect the interests of lenders and shareholders of PFL and Reliance Capital Ltd.", the statement said.
