sebi:BS/AO-/52/2008
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Facts / Headnote
Adjudication proceedings against the noticees are disposed of
Regulations
- Reg. 8
- Reg. 8(3)
- Reg. 8(2)
Holding
The adjudication proceedings against the noticees were disposed of as no delay was found in complying with Regulation 8(2) of the Takeover Regulations, since the necessary disclosures had already been made in April/May 2006.
Full text
Rules, 1995 (hereinafter referred to as the Rules), requiring them to show cause as to why an inquiry should not be held for the violation alleged to have been committed by them.
Regulations. The text of the said Regulations are as follows: “8(2) A promoter or every person having control over a company shall within 21 days from the financial year ending March 31, as well as the record date of the company for the purpose of declaration of dividend, disclose the number and percentage of shares or voting rights held by him and by any persons acting in concert with him in that company to the company. It is noted from the details provided in the draft letter of offer that there was delay in complying with the said regulations as stated below. Regulation Due Date of compliance Actual Date of Compliance Delay 8(2) 21.4.2006 22.11.2007 580
As regards the delay, the noticees submitted that due to change at management level after completion of takeover procedure in last quarter of financial year 2006, the disclosure made by them were misplaced by the company and consequently the company requested him to make fresh disclosure for the said year ended March 31, 2006 which they in the month of November 2007. It is further noted from the submissions of the noticees that subsequently the company could find a copy of the same acknowledgement letter intimating the Stock Exchange under regulation 8(3) of SEBI (Substantial Acquisition of shares and Takeovers) Regulation, 1997. Considering the said
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Source: SecMarx — sebi:BS/AO-/52/2008. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.