sebi:WTM/ASB/CFD/15/2024-25

SEBI · SEBI · 2010-05-13 · Ashwani Bhatia, Whole Time Member

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Facts / Headnote

Exemption granted

Provisions invoked

• s. 19
• s. 11(1)
• s. 11(2)

Regulations

• Reg. 4
• Reg. 3
• Reg. 10
• Reg. 11(1)
• Reg. 3(1)
• Reg. 10(1)(a)
• Reg. 11(5)

Holding

SEBI granted Mr. Murali Malayappan exemption from complying with regulations 3(1), 4 and 5(1) of the Takeover Regulations, 2011 for the proposed indirect acquisition in Shriram Properties Limited by acquiring 13,38,335 equity shares (70.86%) of Shriram Properties Holdings Private Limited from Shriram Group Executives Welfare Trust.

Full text

________________________________________________________________________________________________ Exemption Order in the matter of Shriram Properties Limited Page 2 of 9 S. No. Name of shareholder No. of shares Percentage of Shareholding (%) Promoter and Promoter group

________________________________________________________________________________________________ Exemption Order in the matter of Shriram Properties Limited Page 3 of 9

________________________________________________________________________________________________ Exemption Order in the matter of Shriram Properties Limited Page 4 of 9 and NSE on April 19, 2021 and in subsequent filings in relation to the IPO. As such, the proposed acquisition complies in spirit with the requirement for an exemption under regulation 10(1)(a)(ii) in view of the aforementioned disclosures and the status of transferor and transferee as promoters for more than 3 years. (b) Further, the proposed transfer of shares is inter se between the promoters of Target Company at an indirect level. In the informal guidance issued to Vidli Restaurants Limited dated June 23, 2023, SEBI was of the view that general exemption under regulation 10(1)(a) in relation to inter se transfer of shares amongst qualifying persons would not be available in case of acquisition at an indirect level, and that SEBI may be approached for specific exemption under regulation 11(1) of Takeover Regulations, 2011. As the facts of the present case are similar to the facts in the matter of Vidli Restaurants Limited, this application for exemption has been filed under regulation 11(1) of Takeover Regulations, 2011. (c) SGEWT previously invested in the securities of group companies of the Shriram group in various businesses including financial services, EPC business, IT/ITES Services, and the real estate sector. It is now proposed to divest the holding of SGEWT in SPHPL in favour of Mr. Murali Malayappa

Source: SecMarx — sebi:WTM/ASB/CFD/15/2024-25. 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.