sebi:WTM/ASB/CFD/10/2024-25
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Facts / Headnote
Exemption granted subject to conditions; Application disposed of
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 4
- Reg. 3(1)
- Reg. 201
- Reg. 3(2)
- Reg. 31
- Reg. 11(5)
Holding
SEBI granted Lotus Family Trust, Sunflower Family Trust, Ruby Family Trust, Emerald Family Trust and Diamond Family Trust exemption from complying with regulation 3(1) read with regulation 4 of the Takeover Regulations, 2011 for the proposed direct acquisition of shares and voting rights in Prince Pipes and Fittings Limited.
Full text
__________________________________________________________________________________________ Order in the matter of Prince Pipes and Fittings Limited. Page 2 of 12 Ruby Family Trust (Acquirer Trust 3), Emerald Family Trust (Acquirer Trust 4) and Diamond Family Trust (Acquirer Trust 5) (collectively referred to as “Acquirer Trusts” or “Proposed Acquirers” or “Applicant Trusts”). Details of the proposed acquisitions:
__________________________________________________________________________________________ Order in the matter of Prince Pipes and Fittings Limited. Page 3 of 12 b) Lotus Family Trust and Sunflower Family Trust registered vide trust deeds dated June 09, 2022 (read with registered deed of amendment dated October 20, 2023 and September 10, 2024), Ruby Family Trust, Emerald Family Trust and Diamond Family Trust registered vide Trust deeds dated April 27, 2023 (read with registered deed of amendment dated October 09, 2023 and September 12, 2024), are irrevocable private trusts settled under the provisions of the Indian Trusts Act, 1882. The details of the Settlors, Trustees and Beneficiaries of the aforementioned Acquirer Trusts are given in the Tables below: Lotus Family Trust Status Name Relationship Settlor Tarla Jayant Chheda Self Trustee(s) Tarla Jayant Chheda Self
__________________________________________________________________________________________ Order in the matter of Prince Pipes and Fittings Limited. Page 4 of 12 Trustee(s) Ashwini Vipul Chheda Spouse of Settlor Beneficiaries Ashwini Vipul Chheda Spouse of Settlor Gresha Vipul Chheda Family Gresha Vipul Chheda is the daughter of the Settlor and Gresha Vipul Chheda Family is defined to mean Gresha Vipul Chheda and lineal descendants of Gresha Vipul Chheda. Dhairya Vipul Chheda Family Dhairya Vipul Chheda is the son of Settlor and Dhairya Vipul Chheda Family means Dhairya Vipul Chheda and lineal descendants of Dhairya Vipul Chheda
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Source: SecMarx — sebi:WTM/ASB/CFD/10/2024-25. 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.