Gulf Investment Services (GIS) said that it has received an intimation from the Securities and Exchange Board of India (Sebi) that Sebi has passed an order on March 2, 2016 instructing the company and an another foreign company to make an open offer for purchase of certain number of shares from public shareholders of Parsoli Corporation, according to a stock market filing. Parsoli is a company listed on the Bombay Stock Exchange in India. This order also directs the company to pay interest at 10 per cent with effect from October 30, 2006 till the date of payment of consideration to those shareholders who tender their shares in the open offer. Even though the board believes that the company has a very strong case in its favour, as a matter of prudence the board has decided to take an additional provision of OMR300,000 in its accounts for the year ended December 31, 2015. The company management does not foresee the need for any further provisioning for this investment until the completion of legal process, which is expected to take two to three years. (Times of Oman)