sebi:Order/GR/KG/2020-21/11259
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Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 7
- Reg. 4
- Reg. 7(1)
- Reg. 6
- Reg. 13
- Reg. 11
- Reg. 3
- Reg. 199
- Reg. 10
- Reg. 13(1)
- Reg. 13(3)
- Reg. 8
- Reg. 4(2)
- Reg. 11(1)
- Reg. 3(3)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 7(2)
- Reg. 3(1)
- Reg. 3(4)
Parties
- Swallow Associates LLP
Holding
The Adjudicating Officer holds that Regulation 10 is tested on the acquirer's individual acquisition and that mandatory disclosures under Regulations 7(1) and 7(1A) of SAST Regulations 1997 and Regulation 13(3) read with Regulation 13(5) of PIT Regulations 1992 were triggered and could not be avoided on the ground of inter se promoter transfer with unchanged aggregate promoter holding.
Full text
Adjudication Order in the matter of Swallow Associates LLP in the matter of Zensar Technologies Limited Page 2 of 44 1997 (hereinafter referred to as the “SAST Regulations 1997”) and disclosure obligations under SAST Regulations 1997 and the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as “PIT Regulations”).
Adjudication Order in the matter of Swallow Associates LLP in the matter of Zensar Technologies Limited Page 3 of 44 SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in the matter of Swallow Associates LLP in the matter of Zensar Technologies Limited Page 4 of 44 stock exchange, it is pertinent to note that shares were acquired from another promoter group entity, a material fact that the SCN fails to take note of.
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