According to VST's letter, Damani had informed the company that--Bright Star Investments Pvt Ltd and Damani Estate & Finance Pvt Ltd--both the companies have acquired over 5 per cent in VST as on September 2. However, he could not provide the details, such as aggregate number of shares and the exact date of acquisition.

Therefore, VST has expressed its inablity to make any further disclosure under Regulation 7(3) of Sebi Takeover Regulations, as it has yet to receive complete details regarding the aggregate number of shares and thedate of acquisition from Damani. The letter clearly said that VST is in touch with Damani and soliciting the information to facilitate the disclosure.

According to the informed sources, VST had received over a lakh shares for transfer and is now in the process of scrutinizing it. Interestingly, the company's AGM is also slated on Thrusday which is followed by a board meeting. According to the market operaters the Damani issue may be discussed in the meeting. VST is going for AGM to obtain the shareholders nod for issue of preference shares of Rs 100 each to raise about Rs 50 crore.