sebi:WTM/AB/IVD/ID5/8189/2020-21
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Facts / Headnote
Noticee Nos. 1 to 5 directed to make a public announcement of a combined open offer for acquiring shares of Sungold Capital Ltd. under Regulation 10 and 11(1) of SAST Regulations, 1997 within 45 days, with 10% per annum interest for delay.
Provisions invoked
- s. 19
- s. 11(1)
- s. 15Z
- s. 150
- s. 88
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 6
- Reg. 11
- Reg. 3
- Reg. 199
- Reg. 10
- Reg. 12
- Reg. 8
- Reg. 44
- Reg. 2
- Reg. 11(1)
- Reg. 8(3)
- Reg. 3(1)
- Reg. 3(4)
- Reg. 20
- Reg. 35
- Reg. 35(2)
- Reg. 2(1)(e)(2)
- Reg. 3(1)(e)
Parties
- Rajiv R Kotia
- Shilpa Amit Kotia
- Shweta Dhaval Kotia
- Dhaval Ramesh Kotia
- Ravi Rajiv Kotia
Holding
Noticee No.1 violated Regulation 10 (read with Regulations 3(4) and 7) of SAST Regulations, 1997 by acquiring 3.27% on April 01, 2007 taking his holding from 11.96% to 15.23% without open offer, and Noticee Nos.2-5 as acquirers with Noticee No.1 as PAC violated Regulation 11(1) by acquiring 22.39% on September 14, 2007 without open offer, and all are directed to make a single combined open offer with interest.
Full text
Final order in the matter of Sungold Capital Limited Page 2 of 25 2. Facts stated in the SCN and the allegations made therein are narrated in brief, as hereunder:
Final order in the matter of Sungold Capital Limited Page 3 of 25 under Regulation 7 of SAST Regulations, 1997 in respect of the acquisition made by him on April 01, 2007. BSE vide email dated January 07, 2019 and January 10, 2019, informed that during the period January 1, 2007 to April 30, 2008, it had only received disclosure under Regulation 8(3) of SAST Regulations, 1997 dated April 19, 2007.
Final order in the matter of Sungold Capital Limited Page 4 of 25 the demat statement of the deemed PACs that except for the Noticee no. 1, none of the other PACs held any shares of the Target Company during the period April 01 2007 to September 30, 2007.
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Source: SecMarx — sebi:WTM/AB/IVD/ID5/8189/2020-21. 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.