Mumbai, May 20: Securities and exchange board of India has exempted Satya Rani Oswal and Associates from making an open offer while acquiring 20 lakh shares of Oswal spinning and weaving mills ltd.(OSWML). Oswal and Associates had moved an application for exempetion stating that OSWML'S entire networth eroded and the company was declared as sick industrial company by BIFR, SEBI said in a release. The proposed allotment of shares to the acquirers, in accordance to a package approved by financial institutions and banks under corporate debt restructuring mechanism, was for the purpose of revival of the company. The allotment of shares would not adversely affect the interest of minority shareholders. Bureau Report