sebi:SEBI/WTM/SR/CFD-DCR/24/03/2017
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
Exemption was granted to Rupesh Savla Family Trust from complying with Regulation 3 of the Takeover Regulations for its proposed acquisition of 99,71,960 shares representing 34.15% of Deep Industries Limited from promoter transferors, subject to conditions.
Full text
Page 2 of 12 (2) No acquirer, who together with persons acting in concert with him, has acquired and holds in accordance with these regulations shares or voting rights in a target company entitling them to exercise twenty-five per cent or more of the voting rights in the target company but less than the maximum permissible non-public shareholding, shall 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.
Page 3 of 12 Table A Sl No Name of shareholder Shareholding Post Merger No. of shares % Shareholding & Voting Rights 1 Rupesh Kantilal Savla 53,20,586 18.22% 2 Shital Rupesh Savla 24,34,732 8.34% 3 Prabhaben Kantilal Savla 11,85,377 4.06% 4 Kantilal Velji Savla-HUF 9,67,820 3.31% 5 Kanvel Sharebrokers Private Limited 63,351 0.22% 6 Rupesh Savla HUF 97 0.00% 7 Aarav Savla 97 0.00% 8 Paras Shantilal Savla 6,04,524 2.07% 9 Priti Paras Savla 16,10,504 5.51% 10 Dharen Shantilal Savla 13,68,865 4.69% 11 Manoj Shantilal Savla 12,13,110 4.15% 12 Mita Manoj Savla 12,12,147 4.15% 13 Prabhaben Shantilal Savla 2,88,478 0.99% 14 Avani Dharen Savla 8,97,864 3.07% 15 Manoj Savla HUF 4,77,798 1.64% 16 Shantilal Savla HUF 4,72,613 1.62% 17 Shantilal Murjibhai Savla 4,05,884 1.39% 18 Shail M. Savla 1,75,000 0.60% 19 Manoj Shantilal Savla jointly with Paras Shantilal Savla & Dharen Shantilal Savla (as trustees of Shantilal Savla Family Trust i.e. Acquirer Trust) 3,90,000 1.34% 20 Adinath Exim Resources Ltd. 12,28,000 4.20% 21 Rita Keval Shah 1,47,561 0.51% 22 Sanjay Karani 97 0.00% 23 Fractional entitlements post merger (Held by Mr. Paras Savla, Director of Target Company, on behalf of respective shareholders) 30 0.00%
Page 4 of 12 iv. The trustees of the Acquirer are Mr. Rupesh Kantilal Savla and his spouse, Mrs. Shital Rupesh Savla. Mr. Rupesh Savla is the Managing Director of the Target Company. The beneficiaries of the Acquirer are Mr.Rupesh Savla, Mr. Shital Savla, Mr.Aarav Savla (son of Mr. Rupesh Savla) and Mr.Rahil Savla (son of Mr. Rupesh Savla). A pictorial representation of the Trustees and beneficiaries are as under:
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Source: SecMarx — sebi:SEBI/WTM/SR/CFD-DCR/24/03/2017. 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.