sebi:BS/DS/2018-19/471-473
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Facts / Headnote
Adjudication proceedings not proceeded with on material on record with no penalty imposed, without prejudice to SEBI's right to initiate action including adjudication at a later stage
Provisions invoked
- s. 15A
- s. 15
- s. 15I
Regulations
- Reg. 7(1)
- Reg. 3(1)(j)
- Reg. 7(2)
Parties
- United Breweries Ltd. (Noticee No. 2)
- United Breweries (Holdings) Ltd. (Noticee No. 3)
Holding
The adjudication proceedings for alleged violation of Regulation 7(1) read with 7(2) of the Takeover Regulations cannot be proceeded with on the material on record at this juncture and no penalty is imposed.
Full text
Page 2 of 6 United Breweries Ltd. (hereinafter referred to as Noticee No. 2) and United Brewries (Holdings) Ltd. (hereinafter referred to as Noticee No. 3) with regard to certain provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as Takeover Regulations).
Page 3 of 6 7. Further, vide letter dated August 11, 2017, Noticee No. 1 sought inspection of all the records and documents relied upon by SEBI in the issuance of SCN. Subsequently Noticee No. 1 undertook the inspection of the relied upon documents on September 20, 2017.
Page 4 of 6 FINDINGS 13. Before I proceed with the matter, it is pertinent to mention the relevant legal provisions as existed at the time of alleged violations are reproduced below: Acquisition of 5% and more shares of a company 7.(1) Any acquirer, who acquires shares or voting rights which(taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent. or fourteen percent. Or fifty four per cent. or seventy four per cent shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed. (2) The disclosures mentioned in sub-regulations (1) and (1A) shall be made within two days, - (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be.
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Source: SecMarx — sebi:BS/DS/2018-19/471-473. 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.