Anu Lab’s option to investors

The Hyderabad-based Anu’s Laboratories has given investors the option to withdraw from the public issue which closed on May 15. This follows the market regulator SEBI’s advice as the company failed to disclose a pending case in its offer document. The company had received a letter on May 14 from Sunmoon Chemicals Pvt. Ltd informing that it has filed a suit. Anu’s Laboratories had received a legal notice earlier on November 2, 2007 from Sunmoon Chemicals for a demand of Rs 46.8 lakh plus interest at 24 per cent towards three per cent commission on supplies made to a customer introduced by Sunmoon to Anu’s Labs. This case is still pending for adjudication. The company has put up a notice on the SEBI Web site giving investors the option to withdraw their bids within ten days from May 16, reports The Hindu Business Line.