sebi:SO/AB/EFD2/2023-24/7108

SEBI · SEBI · Ashwani Bhatia, Whole Time Member; Ananth Narayan G., Whole Time Member

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Facts / Headnote

Settled

Provisions invoked

• s. 19
• s. 15J

Regulations

• Reg. 25
• Reg. 28
• Reg. 23
• Reg. 8
• Reg. 30
• Reg. 7(1)(a)
• Reg. 2
• Reg. 31

Holding

Any proceedings that may be initiated for the violations mentioned at paragraph 1 are settled in respect of the Applicants upon payment of the settlement amounts, and SEBI shall not initiate any enforcement action against the Applicants for the said violations subject to Regulation 28.

Full text

2 c. Applicant no. 3 (M/s Dhanvani Investments Private Limited)- Regulation 8 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”), Regulation 30 of SAST Regulations, 2011 and Regulation 7(1)(a) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as “PIT Regulations”).

3 3. Issues in respect of Applicant no. 2 3.1 Applicant no. 2 (M/s Shiv Muskan Investments Private Limited) acquired 1,10,000 equity shares (2.25%) of Applicant no. 1 during the financial year 2006-07. Later, during the financial year 2017-18, Mr. Kishore Gidwaney who is the brother of Mrs. Shakun Jaiswal (wife of promoter Mr. Karamjit Jaiswal) acquired a 33% shareholding in Applicant no. 2 and consequently, became a part of the promoter group of Applicant no. 1 and further by virtue of his more than 20% shareholding in Applicant no. 2, in terms of Regulation 2(pp)(iv)(A) of the SEBI ICDR Regulations, 2018, Applicant no. 2 also became part of the promoter group of Applicant no. 1.

4 by virtue of their more than 20% shareholding in Applicant no. 3, in terms of Regulation 2(pp)(iv)(A) of the SEBI ICDR Regulations, 2018, Applicant no. 3 thus also became part of the promoter group of Applicant no. 1

Source: SecMarx — sebi:SO/AB/EFD2/2023-24/7108. 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.