The panel has already declared Bhushan Steel’s takeover bid for Bowen as unacceptable and has issued a set of rulings which could force the Indian steelmaker to sell back its recently obtained shares.
Bhushan had boosted its stakeholding of Bowen from 22.23% to 58.81% by the end of the 14c per share offer in late August, on the back of a flawed independent report.
India’s Savni Holding holds a 16.66% stake of Bowen.
While Savni and Bhushan have not declared any association, the panel has been investigating a possible link between the two companies, noting the “limitations of examination by correspondence”
This week the panel passed the ball to ASIC.
“The panel has now concluded its proceedings and referred the question of whether there is any association between Bhushan Steel (Australia) Pty Ltd and Savni Holding Limited to ASIC,” it said.
The panel previously ordered Bowen to foot the bill to procure a new independent expert report, which must be submitted to ASIC for review.
If the takeover offer is not deemed to be fair or reasonable, the panel has ordered Bhushan to release the new independent report to the market and offer shareholders who took part in the 14c bid the right to buy back the shares at that price.
Bowen wholly owns coal permits EPC 1084 and EPC 1085 and has a 40% stake in EPC 930.
The explorer has a full stake in permit applications EPCA 1197, EPCA 1083 and EPCA 1259 and minor stakes of 10-15% in four other coal permits in Queensland.
Shares in Bowen shed 1c to close at 12c yesterday.
