sebi:PB/AO-33-35/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations of regulations 10, 11(1), 11(2) and 14(2) of SAST Regulations, 1997 established for allotments on March 01, 2007, March 21, 2008 and May 20, 2008; monetary penalty of Rs. 50,00,000 imposed; benefit of doubt given for December 07, 2001 acquisition
Provisions invoked
- s. 15
- s. 81
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 3
- Reg. 199
- Reg. 10
- Reg. 14
- Reg. 11(1)
- Reg. 3(1)
- Reg. 3(4)
- Reg. 11(2)
- Reg. 14(2)
- Reg. 3(1)(c)
- Reg. 3(c)
Parties
- Anwar S. Daud
- Unijules Life Sciences Ltd.
- Zakir S. Vali
Holding
The Noticees violated regulations 10, 11(1), 11(2) and 14(2) of SAST Regulations, 1997 by failing to make public announcements of open offers upon preferential allotments on March 01, 2007, March 21, 2008 and May 20, 2008 that crossed threshold limits, and a monetary penalty of Rs. 50,00,000 was imposed under section 15H(ii) of the SEBI Act. The December 07, 2001 acquisition was given benefit of doubt as there was no adverse effect on the market.
Full text
Page 2 of 23 acquirers of the shares of ZIM. ZIM had made preferential allotments of shares on December 07, 2001, March 01, 2007, March 21, 2008 and May 20, 2008 to the Noticees, the details of which are as under:
Page 3 of 23 Date of acquisiti -on Name of Acquirer Pre- paid up share capital of the target company Pre-acquisition shareholding Acquisition shareholding Post- paid up share capital of the target company Post-acquisition shareholding
Page 4 of 23 May 20, 2008:- Mr. Anwar S. Daud and USL acquired 10,00,000 shares of ZIM constituting 16.66% of the paid up share capital of ZIM on May 20, 2008. As a result of the acquisition, shareholding of Anwar S. Daud and USL increased from 63.91% to 69.92% which crossed the threshold limit mentioned in regulation 11(2) of SAST Regulations, 1997. This acquisition was done without making a public announcement as required under regulation 11(2) of SAST Regulations, 1997.
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Source: SecMarx — sebi:PB/AO-33-35/2012. 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.