Sun Mining and Exploration

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From 2007: "Kolkata, Nov. 5 Sun Mining and Exploration Ltd, a Cyprus-located investment vehicle of Delhi-based private equity player Sun Group, has not opted for conversion of warrants into equity shares in Deccan Gold. It was issued 1,10,77,027 convertible warrants at a price of Rs. 15.10 per warrant on May 1, 2006. The warrants conversion time limit expired on October 31, 2007. Deccan Gold has forfeited upfront payment of Rs. 1.67 crore, made by Sun for warrants. The decision by Sun assumes importance following non-filling of its second board berth, which fell vacant after resignation of Mr Taveesh Pandey, Sun’s former CIO, on September 21 last.

"Currently, Sun group’s country head, Mr Vaidyanathan Sivakumar, is now the lone representative of the group on the Deccan’s board. Deccan Gold, the only listed company with gold prospecting licences, is promoted by Australian Indian Resources Pty (AIR), through Rama Mines (Mauritius) Ltd. Conversion of warrants could have brought up the status of Sun group as the co-promoter of Deccan Gold. " [1]

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