sebi:CO/80/CFD/11/2004
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Facts / Headnote
Exemption granted from Regulation 11(1) for proposed acquisition of 16,26,100 equity shares subject to conditions; no exemption considered or granted at present for proposed acquisition of 20,00,000 preference shares
Provisions invoked
- s. 19
- s. 81
- s. 87
Regulations
- Reg. 4
- Reg. 4(2)
- Reg. 11(1)
- Reg. 10
- Reg. 3(4)
Holding
SEBI granted the acquirers exemption from Regulation 11(1) for the preferential allotment of 16,26,100 equity shares subject to conditions, while holding that no exemption is required at present for the 20,00,000 preference shares as they carry no voting rights on allotment.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order against Andhra Pradesh Tanneries Ltd Nov 18, 2004 | Orders : Orders of Chairman/Members CO/80/CFD/11/2004 SECURITIES AND EXCHANGE BOARD OF INDIA
1.0 BACKGROUND 1.1 Andhra Pradesh Tanneries Ltd. (hereinafter referred to as ‘the target company’) is a public limited company incorporated under the Companies Act, 1956, having its registered office at Leather Complex Area, Nellimarla, Vizianagaram Dist. Andhra Pradesh. The promoters of the target company are Bambolli Holdings Pvt. Ltd. and Smt. Gita R Pandit. 1.2 The equity shares of the target company are listed on The Stock Exchange, Mumbai and Hyderabad Stock Exchange Ltd. 1.3 Bambolli Holdings Pvt. Ltd. and the persons acting in concert, namely, Smt. Gita R Pandit, Smt Urmila V Pandit, Smt Arati S. Saran and Smt. Shefali S Shah, are hereinafter collectively referred to as ‘acquirers’. The acquirers are presently holding 55.04% of the total paid up and voting capital of the target company. They now propose to acquire 16,26,100 equity shares of Rs. 10 each and 20,00,000 preference shares of Rs. 10 each at par, of the target company, through the preferential allotment and have requested for exemption from applicability of the provisions of regulations 10 and 11 and Chapter III of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as ‘Takeover Regulations’) with respect to the said acquisition. APPLICATION FOR EXEMPTION 2.0 The acquirers made an application dated 25.08.04 under the Takeover Regulations, seeking exemption from the applicability of regulations 10 & 11 and Chapter III of the said Regulations, in respect of the afor
Shareholder’s category No. of registered shareholders as on date of application Before the proposed acquisition After the proposed acquisition No.
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Source: SecMarx — sebi:CO/80/CFD/11/2004. 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.