sebi:SEBI/WTM/SR/CFD-DCR/59/11/2016
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Facts / Headnote
Exemption granted from open offer obligation subject to conditions
Provisions invoked
- s. 19
- s. 47
Regulations
- Reg. 11
- Reg. 3
- Reg. 2(1)(q)
- Reg. 3(2)
- Reg. 11(5)
Holding
SEBI granted Yashvardhan Jatia Trust exemption from the open-offer requirement under Regulation 3 for its proposed acquisition of 47,33,857 shares (11.54%) of Pudumjee Pulp & Paper Mills Limited, subject to conditions.
Full text
Page 2 of 15 ii. The promoter group of the Target Company holds 61.51% of the equity share capital of the Target Company. The shareholding pattern of the target company as on September 2016 is as under:
Page 3 of 15 Arunkumar Jatia, who is the father and natural guardian of Yashvardhan Jatia. Arunkumar Jatia is also the sole signatory of the demat account of Yashvardhan Jatia, Ms. Vrinda Jatia and Ms. Vasudha Jatia (daughters of Arunkumar Jatia) hold 1.22% shares each of the target company, Mr. Mahabir Prasad Jatia (father of Arunkumar Jatia) has bequeathed 3,58,333 (0.87%) share of the Target Company to his grandson Master Yashvardhan Jatia (sole beneficiary of the Trust). These shares are currently being held jointly by the Executors of the will (appointed as per the probate dated June 10, 2014 granted by the Hon’ble Bombay High Court), viz. Arunkumar Jatia (father of Yashvardhan Jatia) and Mr. Basant Kumar Khaitan (neither a promoter nor a trustee). Smt. Poonam Jatia (wife of Arunkumar Jatia) has also bequeathed 20,39,270 (4.97%) shares of the Target Company to her minor son, Master Yashvardhan Jatia. The said shares are currently being held by the Executor of the will, viz. Arunkumar Jatia (father of Yashvardhan Jatia).
Page 4 of 15 v. As per shareholding pattern dated September 30, 2015 disclosed to Stock exchanges, Yashvardhan Jatia Trust- the Acquirer/Applicant has been disclosed as part of promoter group of the Target Company. However, they do not hold any shares of the target company. The remaining members of the promoter group of the target company who do not hold shares in the company and who have been disclosed as the persons acting in concert (PACs) are Pudumjee Holdings Ltd., Kairos Investments, Fujisan Technologies Ltd., Arun Jatia-HUF, Pudumjee Investment and Finance Company Ltd., Pudumjee Paper Products Ltd., Poonam Jatia Family Trust and Mahabir Prasad Jatia Family Trust.
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Source: SecMarx — sebi:SEBI/WTM/SR/CFD-DCR/59/11/2016. 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.