sebi:WTM/ASB/CFD/17/2024-25

SEBI · SEBI · 2024-09-27 · Ashwani Bhatia, Whole Time Member

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Facts / Headnote

Exemption granted - Application disposed of

Provisions invoked

• s. 19

Regulations

• Reg. 4
• Reg. 3(1)
• Reg. 201
• Reg. 31
• Reg. 11(5)

Holding

Exemption was granted to Davuluri Ownership Trust from complying with regulation 3(1) read with regulation 4 of the Takeover Regulations, 2011 for the proposed direct acquisition of 33,33,352 shares (25.98%) in Neuland Laboratories Limited from promoter transferors.

Full text

__________________________________________________________________________________________ Order in the matter of Neuland Laboratories Limited. Page 2 of 11 a) The issued share capital is INR 13,02,34,340 /-divided into 1,30,23,434 equity shares of INR 10/-each, subscribed share capital is INR 12,93,31,650/- divided into 1,29,33,165 equity shares of INR 10/-each, and paid-up equity share capital of the Target Company is INR 12,82,98,890/- divided into 12,829,889 equity shares of INR 10/- each. The shareholding pattern of the Target Company, as on the date of application was as under: Shareholding in the Target Company Sr. No. Name No. of shares % shareholding A. Promoters & Promoter Group

__________________________________________________________________________________________ Order in the matter of Neuland Laboratories Limited. Page 3 of 11 b) Davuluri Ownership Trust is an irrevocable trust registered vide trust deed (amended and restated) dated September 27, 2024, settled under the provisions of the Indian Trusts Act, 1882. The details of the Settlors, Trustees and beneficiaries of the Acquirer Trust are tabulated below: DETAILS OF THE ACQUIRER TRUST (DAVULURI OWNERSHIP TRUST) Particulars Person Relationship Settlor Dr. Ramamohan Rao Davuluri Self and Promoter of the Target Company Transferors Dr. Ramamohan Rao Davuluri (T1) Self and Promoter of the Target Company Mr. Sucheth Rao Davuluri (T2) Son of T1 and promoter of the Target Company Mr. Saharsh Rao Davuluri (T3) Son of T1 and promoter of the Target Company Mrs. Vijaya Rao Davuluri (T4) Spouse of T1 and promoter group of the Target Company Trustees Dr. Ramamohan Rao Davuluri Self and Promoter of the Target Company Mr. Sucheth Rao Davuluri Son of T1 and promoter of the Target Company Mr. Saharsh Rao Davuluri Son of T1 and promoter of the Target Company Beneficiaries Mrs. Vijaya Rao Davuluri Spouse of T1 and promoter group of the Target Company Dr. Ramamohan Rao Davuluri Self and Promoter of the Target Company Mr. Sucheth Rao Davuluri Son of T1 and promoter of the Target Company Mr. Saharsh Rao Davuluri Son of T1 and promoter of the Target Company

__________________________________________________________________________________________ Order in the matter of Neuland Laboratories Limited. Page 4 of 11 Mrs. Davuluri Rohini Niveditha Rao Spouse of T2 and promoter group of the Target Company Mrs. Deepthi Davuluri Spouse of T3 Lineal Descendants of Mr. Sucheth Davuluri and Mr. Saharsh Davuluri Grandchildren of T1

Source: SecMarx — sebi:WTM/ASB/CFD/17/2024-25. 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.