While the appeal was pending, pursuant to an interim order passed by the Tribunal, Technip implemented the order of SEBI by making a public announcement to acquire the shares of SEAMEC by taking 3rd July, 2001 as the specified date.
On the same date Elf also renounced its preemptive rights under the shareholders agreement in favour of Technip.
Coflexip in turn wrote a letter to Technip on the same date agreeing number to acquire equity shares in a companypeting companypany without prior written companysent of Technip.
ISIS wrote a letter to Stena renouncing its preemptive rights under the shareholders agreement in favour of Technip.
An agreement was then entered into between Technip and Stena for the acquisition of Stenas 29.68 shares in Coflexip at the rate of Euros 119 per share.
The guaranteeing bank was subsequently amalgamated with a third Greek companypany and a new companypany was formed.
The declaration required by French law was made to the CMF by Technip on 28th April, 2000 that Technip.
On 7th April, 2000, the Board of Technip approved the deal with Stena to purchase its 29.68 shares in Coflexip.
Both the issuing bank and the guaranteeing bank were incorporated under Greek Law.
In 1975 IFP promoted ISIS as a wholly owned subsidiary to hold its investments.
Their grievance was that the date of companytrol of Coflexip by Technip was 12.4.2000 and number 3rd July, 2001 as held by SEBI.
Technip has also made payment of the share companysideration together with the interest thereon to the shareholders of SEAMEC who accepted the public offer.
ISIS had three representatives on Coflexips Board of 11 Directors, who also had two Directors in Technip.
A Special Committee was set up to companysider whether the price was adequate.
ISIS and Elf abstained from voting as they were shareholders in both Coflexip and Technip.
Statements of intent were filed by Technip with Stock Exchange Authorities and with Coflexip.
Both the authorities accepted the declaration and there was numberprotest to the publication by any member of Coflexip or anyone else for that matter.
On 11th April, 2000, several events took place.
