sebi:WTM/AB/IVD/ID2/7676/2020-21
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee nos. 1, 3, 4, 5, 6, 7, 8 and 9 directed to make a single public announcement/open offer within 45 days with 10% p.a. interest; proceedings against Noticee no. 2 abated on death.
Provisions invoked
- s. 11B
- s. 19
- s. 13(2)
Regulations
- Reg. 4
- Reg. 11
- Reg. 3
- Reg. 10
- Reg. 12
- Reg. 8
- Reg. 15
- Reg. 14
- Reg. 44
- Reg. 11(1)
- Reg. 3(1)
- Reg. 24
- Reg. 3(2)
- Reg. 32
- Reg. 2(1)(q)(2)
- Reg. 44(a)
- Reg. 23(3)
Parties
- Kanchan Kitchen Aid Pvt. Ltd. (Noticee no. 1)
- Champal al S Khimavat (Noticee no. 2)
- Dines c. Khimavat (Noticee no. 3)
- Usha D Khimavat (Noticee no. 4)
- Kanchan C Khimavat (Noticee no. 5)
- Noticee no. 6
- Noticee no. 7
- Noticee no. 8
- Noticee no. 9
Holding
Noticees being promoter/promoter group of Kanchan International Ltd. violated Regulation 3(1) and 3(2) of SAST Regulations, 2011 and Noticee nos. 1, 3, 4, 5, 6, 7, 8 and 9 were directed to make a single open offer with interest; proceedings against Noticee no. 2 abated due to death.
Full text
Final order in the matter of Kanchan International Ltd. Page 2 of 19 2. Facts stated in the SCN and the allegations made therein are narrated in brief, as hereunder:
Final order in the matter of Kanchan International Ltd. Page 3 of 19 Aid Pvt. Ltd. (N1) Conversion of warrants into equity Kanchan C Khimavat (N5) 1,04,500 2.83 73599 1.46 1,78,099 3.54 Champal al S Khimavat (N2) 1,02,310 2.78 158170 3.15 2,60480 5.18 Dines c. Khimavat (N3) 98,310 2.67 216984 4.31 3,15,294 6.27 Usha D Khimavat (N4) 36,810 1.00 157599 3.13 1,94,409 3.87
Final order in the matter of Kanchan International Ltd. Page 4 of 19 f. On the basis of the findings at para 2(d) and para 2(e) above, the SCN alleges that the Noticees have violated Regulation 3(1) and 3(2) of SAST Regulations, 2011. The SCN thus, had called upon the Noticees to show cause as to why appropriate directions including but not limited to the direction to make open offer to the shareholders of KIL should not be issued against them under Section 11B of SEBI Act, 1992 and Regulation 32 of SAST Regulations, 2011.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/AB/IVD/ID2/7676/2020-21. 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.