sebi:WTM/ASB/CFD/4/2024-25
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Facts / Headnote
Exemption granted from Regulation 3(2) read with Regulation 4
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 4
- Reg. 201
- Reg. 3(2)
- Reg. 31
- Reg. 11(5)
Holding
Exemption was granted to DoMane Family Trust, RCane Family Trust, Alpha Family Trust and Beta Family Trust from complying with Regulation 3(2) read with Regulation 4 of the Takeover Regulations, 2011 for the proposed direct acquisition of 2,46,00,364 shares (16.21%) of PI Industries Limited by way of gift, subject to conditions.
Full text
__________________________________________________________________________________________ Order in the matter of PI Industries Limited. Page 2 of 12 Family Trust (Acquirer Trust 3) and Beta Family Trust (Acquirer Trust 4), (hereinafter collectively referred to as “Acquirer Trusts” or “Proposed Acquirers” or “Applicant Trusts”).
__________________________________________________________________________________________ Order in the matter of PI Industries Limited. Page 3 of 12 (b) The Acquirer Trusts, registered vide trust deeds dated April 16, 2024, are irrevocable and discretionary 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 tabulated below:
__________________________________________________________________________________________ Order in the matter of PI Industries Limited. Page 4 of 12 Beta Family Trust (Acquirer Trust 4) Status Name Relationship Settlor Madhu Singhal Self Trustee(s) Pooja Singhal Daughter of Transferor Shefali Khushalani Daughter of Transferor Beneficiaries Pooja Singhal Daughter of Transferor Kaira Granddaughter of Transferor Kian Grandson of Transferor
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Source: SecMarx — sebi:WTM/ASB/CFD/4/2024-25. 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.