sebi:ORDER/SBM/VS/2022-23/17215
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Facts / Headnote
Violation of Regulation 3(1) of SAST Regulations held established; monetary penalty imposed under Section 15H(ii) of SEBI Act
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
- s. 47
- s. 43
- s. 50
- s. 188
Regulations
- Reg. 3
- Reg. 3(1)
- Reg. 30
- Reg. 2(1)(q)(1)
- Reg. 31
Parties
- Tamarind Capital Pte. Ltd.
Holding
Noticee along with its PAC Jasmine crossed 25% voting rights in Indiabulls Ventures Limited on June 3, 2020 upon conversion of 1,34,54,545 CCDs and failed to make a public announcement of open offer, thereby violating Regulation 3(1) of SAST Regulations and incurring penalty of Rs.10,00,000 under Section 15H(ii) of SEBI Act.
Full text
_____________________________________________________________________________ Adjudication order in respect of Tamarind Capital Pte. Ltd. in the matter of Indiabulls Ventures Limited Page 2 of 15 (25% of face value) with voting rights proportionate to the paid-up amounts per PPES to certain entities, including Noticee. On June 3, 2020, the 1,34,54,545 CCDs held by Noticee were compulsorily converted into fully paid up equity shares of IBVL and Noticee was allotted 1,34,54,545 fully paid up equity shares of IBVL on June 03, 2020. The scrip of IBVL is listed on Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’).
_____________________________________________________________________________ Adjudication order in respect of Tamarind Capital Pte. Ltd. in the matter of Indiabulls Ventures Limited Page 3 of 15 SHOW CAUSE NOTICE, REPLY AND HEARING
_____________________________________________________________________________ Adjudication order in respect of Tamarind Capital Pte. Ltd. in the matter of Indiabulls Ventures Limited Page 4 of 15 Further as per information available on record, no public announcement has been made by Noticee for acquisition of shares. g. In view of the above, it is alleged that Noticee failed to make a public announcement to acquire the shares upon crossing the threshold limit of 25% of the total paid up share capital/ voting rights of IVBL, violating regulation 3(1) of SAST Regulations
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Source: SecMarx — sebi:ORDER/SBM/VS/2022-23/17215. 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.