Sources close to India Cements, however, say that the Raasi Cement share certificates that have come for transfer from Greenway Finance are `improper' and that there are other irregularities involved. `The registrars will seek the necessary clarifications in this regard,' they said.

The investment company had filed the shares with India Cements in pursuant to the open offer made for a 20 per cent stake in Raasi Cements at Rs 300 per share. It hasalso charged DSP Merrill Lynch, merchant bankers for India Cements, for submitting compliance report to Sebi, even as dues are yet to be cleared two months after the negotiated deal was struck. "It is obvious that you have committed a violation of Regulation 22, Clause 22, of the takeover code. For the said reasons the process of your acquisition of shares of Raasi Cement, in the open offer has become void," says a letter from Greenway Finance.