sebi:CFD/SDCCL/AO/SBM-ASR/EAD-3/CO-06/2015
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated against Camargo Correa S.A. on payment of Rs. 25,50,000/-
Provisions invoked
- s. 15
Regulations
- Reg. 13
- Reg. 3
- Reg. 17
- Reg. 15
Parties
- Camargo Correa S.A.
Holding
The settlement order disposes of the adjudication proceedings initiated against Camargo Correa S.A. vide SCN ref. A&E/DRK/CS/14975/2014 dated May 23, 2014, on payment of Rs. 25,50,000/- towards full and final settlement of all regulatory, civil or criminal proceedings in relation to the facts contained in the SCN without admitting or denying any violation.
Full text
Page 2 of 4 the Person acting in Concert ( PAC) along with the acquirers viz. InterCement and Votorantim. It was mentioned in the SCN that the company named Cimpor-Cimentos de Portugal, SGPS, S.A ( hereinafter referred to as “Cimpor”) was holding 73.63 % share capital of SDCCL. It was further mentioned that Votorantim directly held 21.40% and the applicant indirectly held 33.25% of the voting share capital of Cimpor. As on March 30, 2012, InterCement made a preliminary announcement of a voluntary tender offer in Portugal for acquiring the remaining shares of Cimpor. As InterCement was acquiring the remaining shares of Cimpor ( while Votorantim and the applicant already held 21.40% and 33.25% of the shares of Cimpor respectively), and Cimpor held 73.63% stake in SDCCL, it resulted in indirect acquisition of the shares of SDCCL by the applicant along with Votorantim and InterCement, which triggered the provisions of Regulation 13 (2) ( e) of the SAST Regulations. The applicant as PAC along with the acquirers viz Votorantim and InterCement were therefore liable to make a Public Announcement ( PA) of an Open Offer in terms of the provisions of the SAST Regulations.
Page 3 of 4 5. Consequent to the transfer of Shri D Ravikumar, the Competent Authority has appointed the undersigned as Adjudicating Officer on June 22, 2015 to dispose of the current Settlement Proceedings.
Page 4 of 4 8. Accordingly, the applicant vide letter dated September 03, 2015 has remitted a sum of Rs. 25,50,000/- (Rupees Twenty Five Lakh and Fifty Thousand Only) towards the settlement charges through Demand Draft No. 701052 dated September 04, 2015 drawn on Standard Chartered Bank .
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Source: SecMarx — sebi:CFD/SDCCL/AO/SBM-ASR/EAD-3/CO-06/2015. 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.