sebi:WTM/ASB/CFD/6/2024-25

SEBI · SEBI · 2022-11-17 · Ashwani Bhatia, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Exemption granted

Provisions invoked

• s. 19
• s. 11(1)
• s. 11(2)

Regulations

• Reg. 4
• Reg. 3
• Reg. 10
• Reg. 201
• Reg. 3(2)
• Reg. 31
• Reg. 11(5)

Holding

The Whole Time Member granted exemption to Pushkar Family Trust from complying with regulations 3(2) and 5(1) of the Takeover Regulations 2011 for the proposed direct and indirect acquisition of shares and voting rights in Everest Kanto Cylinders Limited by way of gift, subject to conditions.

Full text

__________________________________________________________________________________________ Order in the matter of Everest Kanto Cylinders Limited Page 2 of 15 (i) Directly, in the Target Company; and (ii) Indirectly, in the Target Company, through transfer of shares in Medical Engineers (India) Limited (“MEIL”) and Khurana Gases Private Limited (“KGPL”) (MEIL and KGPL are collectively referred to as the “Promoter Group Companies”), which are shareholders of the Target Company and are part of the promoter group of the Target Company.

__________________________________________________________________________________________ Order in the matter of Everest Kanto Cylinders Limited Page 3 of 15 (b) MEIL, which is classified as a part of the promoters and promoter group of the Target Company, currently holds 4.28% of the equity share capital in the Target Company. The equity shareholding pattern of MEIL, as on the date of filing the Application, is as under: Sr. No. Name of the Equity Shareholder No of Equity Shares held % of Shareholding and Voting rights Held 1 Mrs. Suman Khurana 41,850 18.20% 2 Mr. Puneet Khurana 51,850 22.54% 3 Mr. Pushkar Khurana 67,050 29.15% 4 Ms. Vandana Khurana 17,500 7.61% 5 Mr. Varun Khurana 51,750 22.50%

__________________________________________________________________________________________ Order in the matter of Everest Kanto Cylinders Limited Page 4 of 15

Source: SecMarx — sebi:WTM/ASB/CFD/6/2024-25. 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.