sebi:Order/MC/HP/2022-23/17632-17635
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed of Rs. 10,00,000/- jointly and severally on Noticees 1 to 4 for violation of Regulation 14(1) of Takeover Regulations, 1997
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 6
- Reg. 199
- Reg. 10
- Reg. 8
- Reg. 14(1)
- Reg. 14
- Reg. 11
- Reg. 11(1)
- Reg. 3(1)
- Reg. 3(4)
- Reg. 20
- Reg. 201
- Reg. 3(3)
- Reg. 35
- Reg. 35(2)
- Reg. 3(1)(e)
Parties
- Vimaladevi R Tikmani (Noticee 1)
- Pooja R Tikmani (Noticee 2)
- Rishi R Tikmani (Noticee 3)
- Rajendra Tikmani (HUF) (Noticee 4)
Holding
The Noticees 1 to 4 were held to have violated Regulation 14(1) of the Takeover Regulations, 1997 by delaying the public announcement of an open offer by 4 years and 7 months, and a penalty of Rs. 10,00,000/- was imposed jointly and severally under Section 15H(ii) of the SEBI Act.
Full text
Adjudication Order in respect of 4 entities in the matter of Alfa ICA India Limited. Page 2 of 23 (HUF) (Noticee 4) for alleged violation of Regulation 14(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997 (hereinafter referred to as, ‘Takeover Regulations’). The Noticees 1 to 4 are collectively referred to as 'Noticees/You'.
Adjudication Order in respect of 4 entities in the matter of Alfa ICA India Limited. Page 3 of 23 announcement and vide letter dated August 08, 2016 submitted the draft letter of offer to SEBI.
Adjudication Order in respect of 4 entities in the matter of Alfa ICA India Limited. Page 4 of 23 9. Thus, it is alleged that there was a delay of 12 years and 7 months in making public announcement / open offer pursuant to the increase in shareholding of promoters from 14.33% to 15.99% during September to December 2003, in violation of Regulation 14(1) of Takeover Regulations, 1997.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/MC/HP/2022-23/17632-17635. 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.