sebi:QJA/VS/CFD/CFD-SEC-3/23792/2022-23
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Facts / Headnote
Charges under Takeover Regulations established against Noticees Nos. 1, 2, 4, 5, 6 and 7; no direction against Noticee No. 3 (Spencer John Wilson); directions issued restraining Noticees Nos. 1, 2 and 4 from securities market till compliance, restraining Noticees Nos. 5 and 6 for 3 years and Noticee No. 7 for 1 year from associating with listed/public companies intending to raise money or SEBI-registered intermediaries, and monetary penalty imposed.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11(1)
- s. 12A
- s. 15H
- s. 27
- s. 22
- s. 15J
- s. 15F
- s. 23
- s. 17
- s. 167
- s. 28
- s. 4(3)
- s. 20
- s. 179
- s. 2(60)
- s. 27(2)
- s. 168
Regulations
- Reg. 4
- Reg. 6
- Reg. 13(4)
- Reg. 10
- Reg. 17
- Reg. 12
- Reg. 14
- Reg. 44
- Reg. 2
- Reg. 23
- Reg. 3(1)
- Reg. 24
- Reg. 13(1)
- Reg. 32
- Reg. 2(1)(q)(2)
- Reg. 17(1)
- Reg. 18(2)
- Reg. 2(1)(a)
- Reg. 25(5)
- Reg. 25(1)
Holding
The acquirers triggered mandatory open-offer obligations under regulations 3(1) and 4 by agreeing to acquire 5,03,88,605 shares with control via SPA dated July 3, 2019 but violated regulations 13(4), 18(2), 17(1) and 25(1); liability is established against the acquirer companies and their directors/persons in charge except Spencer John Wilson, warranting directions and monetary penalty.
Full text
Order in the matter of Uniply Industries Limited Page 2 of 57 of India Limited (hereinafter referred to as “NSE”). Show cause notice:
Order in the matter of Uniply Industries Limited Page 3 of 57 3.4. Details of sale: 3.4.1. Equity Shares: Table 2—Details w.r.t equity shares to be sold under the SPA Name of Sellers No. of equity share sold % of paid-up capital Sale price per equity shares (in ₹) Sale Consideration (in ₹) Mr. Keshav Kantamneni (Seller 1) 85,81,364 5.19 82
Order in the matter of Uniply Industries Limited Page 4 of 57 1,61,64,770 equity shares) from seller at par, aggregating purchase consideration of ₹ 33,20,64,787 for warrants.
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Source: SecMarx — sebi:QJA/VS/CFD/CFD-SEC-3/23792/2022-23. 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.