sebi:WTM/ASB/CFD/6/2023-24
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Facts / Headnote
Exemption granted from complying with Regulations 3(1) and 3(2) read with Regulation 4 of the Takeover Regulations, 2011, subject to conditions; application disposed.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 4
- Reg. 201
- Reg. 3(1)
- Reg. 3(2)
- Reg. 3
- Reg. 31
- Reg. 11(5)
- Reg. 10(1)(a)
Holding
SEBI granted exemption to Shakti Sons Trust, Shakti Brothers Trust and Shakti Future Trust from the open offer requirements under Regulations 3(1) and 3(2) read with Regulation 4 of the Takeover Regulations, 2011, for the proposed direct acquisition of shares in Shakti Pumps (India) Limited by way of gift from the promoters, subject to conditions.
Full text
Exemption Order in the matter of Shakti Pumps (India) Limited Page 2 of 13 applicability of Regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations, 2011”) for the proposed direct acquisition of shares in the Target Company. Subsequently, emails dated July 10, 2022, August 21, 2023, September 04, 2023 and October 16, 2023 were received in respect of the said matter. The above-mentioned application and the emails mentioned above are hereinafter referred to as the Application.
Exemption Order in the matter of Shakti Pumps (India) Limited Page 3 of 13 (b) The Acquirer Trusts had been set up as private family trusts inter alia to carry out internal re-organisation of promoters’ control and shareholding in the Target Company, in such a way, that streamlined the succession process and protected & promoted the welfare of the promoters’ family. (c) The Settlors, Trustees and beneficiaries of the aforementioned Trusts were as under:
Exemption Order in the matter of Shakti Pumps (India) Limited Page 4 of 13 III. Shakti Future Trust Status Name Relationship with Settlor Settlor Mr. Ankit Patidar Self Trustees 1. Mr. Ankit Patidar 2. Ms. Darshika Patidar Spouse of Mr. Ankit Patidar Beneficiaries 1. Ms. Darshika Patidar
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Source: SecMarx — sebi:WTM/ASB/CFD/6/2023-24. 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.