Under capital market laws, investors who control over 33% in a company, either directly or indirectly, must launch takeover bids for the remaining shares in that company.
Chelu has exceeded the threshold for 11 companies he owns stock in, namely Argus (UARG.RO), Altur (ALT.RO), Electroarges (ELGS.RO), Carbochim (CBC.RO), Lactate Natura (INBO.RO), Galfinband (GALF.RO), Mecanica Rotes (METY.RO), Aurora (AUR.RO), Lacta (INEM.RO), Faimar (FMAR.RO) and Mobila Radauti (MOBT.RO).
The businessman must file the bids for approval with CNVM within three weeks, the market regulator said.
Chelu has failed to comply with CNVM rules repeatedly in the past, despite being slapped with a series of fines.