sebi:WTM/AB/EFD-1/DRA-II/4987/2019-20
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Facts / Headnote
Noticees directed to make a public announcement to acquire shares of target company (SDFC/ Insta Finance Limited) in accordance with Regulation 3(1) of SAST Regulations, 2011 within 45 days from date of order, with interest under Regulation 32(1)(h) on consideration payable to tendering shareholders.
Provisions invoked
- s. 11B
- s. 19
- s. 11
- s. 11D
- s. 24
Regulations
- Reg. 13
- Reg. 10
- Reg. 12
- Reg. 44
- Reg. 3(1)
- Reg. 2(1)(q)
- Reg. 2(1)(e)
- Reg. 32(1)(f)
- Reg. 2(1)(e)(i)
- Reg. 32(1)(h)
Holding
The 16 Noticees were persons acting in concert with common objective to acquire shares of SDFC and violated Regulation 3(1) of SAST Regulations, 2011 by crossing 25% (reaching 25.52% on October 19, 2012) without making a public announcement, and are therefore directed to make a public announcement/open offer with interest.
Full text
Order in the matter of Insta Finance Limited (formerly SDFC Finance Limited) Page 2 of 22 16. Universal Credit and Securities Ltd ACVPJ4679B
Order in the matter of Insta Finance Limited (formerly SDFC Finance Limited) Page 3 of 22 connection among these entities was found on the basis of common residential address, common contact numbers, common email ID, common directors and off market transfers. The connection/relationship details of the Nilesh Palande group along with the inter-se connection amongst them in relation to the acquisition of shares of SDFC, is as under:
Order in the matter of Insta Finance Limited (formerly SDFC Finance Limited) Page 4 of 22 As per Bank Statement enclosed with KYC of Axis Bank, Borivali (W) Branch having account no. 910010048184251 during the period December 2011 to October 2012, Rajnee Gitaye has transferred/received funds from Yogesh Chuhan (Sr. No. 10) and Stardom Trading Company Pvt. Ltd. (Sr. No. 3), SDFC Finance Ltd. As per KYC (CD Equisearch) Contact number 9320834555, mail id is nish_palande@rediffmail.com are common with Sr. No 1
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Source: SecMarx — sebi:WTM/AB/EFD-1/DRA-II/4987/2019-20. 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.