sebi:SEBI/WTM/SR/CFD-DCR/23/03/2017
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Facts / Headnote
Exemption granted
Provisions invoked
- s. 19
Regulations
- Reg. 3
- Reg. 2(1)(l)
- Reg. 2(1)
- Reg. 31
- Reg. 2(1)(q)(2)
- Reg. 11(5)
- Reg. 78(1)
- Reg. 79(1)
Holding
SEBI granted Shantilal Savla Family Trust exemption from Regulation 3 open-offer requirements for its proposed acquisition of 29.88% shares/voting rights of Deep Industries Limited from promoter-group transferors.
Full text
Page 2 of 12 acquire within any financial year additional shares or voting rights in such target company entitling them to exercise more than five per cent of the voting rights, unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these regulations: Acquisition of control. 4. Irrespective of acquisition or holding of shares or voting rights in a target company, no acquirer shall acquire, directly or indirectly, control over such target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these regulations.
Page 3 of 12 Table A Sl.No Name of shareholder Shareholding Post Merger No. of shares % Shareholding & Voting Rights 1. Paras Shantilal Savla 6,04,524 2.07% 2. Priti Paras Savla 16,10,504 5.51%
Page 4 of 12 iii. The Acquirer is a private family trust viz., Shantilal Savla Family Trust, settled under the Indian Trusts Act, 1882 for the benefit of the members of Shantilal Savla family. The ultimate beneficiaries of the Acquirer are the promoters and members of the promoter group of the Target Company.
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Source: SecMarx — sebi:SEBI/WTM/SR/CFD-DCR/23/03/2017. 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.