sebi:WTM/GM/CFD/DCR1/35/2020-21
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Facts / Headnote
Exemption granted to CRA Family Trust from complying with Regulations 3(2), 4 and 5 of the Takeover Regulations 2011 with respect to the proposed indirect acquisition of shares in Alembic Pharmaceuticals Limited, subject to conditions.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 2(1)(q)
- Reg. 201
- Reg. 3(2)
- Reg. 31
- Reg. 11(5)
Holding
SEBI granted exemption to CRA Family Trust from the open offer requirements under Regulations 3(2), 4 and 5 of the Takeover Regulations 2011 in respect of the proposed indirect acquisition of shares in Alembic Pharmaceuticals Limited through the transfer of 25.01% equity shares of Nirayu Limited from Mr. Pranav Chirayu Amin to the Trust, subject to specified conditions.
Full text
________________________________________________________________________________________________ Order in the matter of Alembic Pharmaceuticals Limited Page 2 of 15 (“Takeover Regulations 2011”) in the matter of proposed indirect acquisition of shares in the Target Company as a result of the proposed transfer of equity shares of Nirayu Limited (“Holding Company”) from Mr. Pranav Chirayu Amin to the CRA Family Trust (“Acquirer Trust / Proposed Acquirer”) was received by SEBI from Mr. Chirayu Amin (Managing Trustee) and Mrs. Malika Amin (Trustee) for the CRA Family Trust.
________________________________________________________________________________________________ Order in the matter of Alembic Pharmaceuticals Limited Page 3 of 15 acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these regulations. Indirect acquisition of shares or control. 5. (1) For the purposes of regulation 3 and regulation 4, acquisition of shares or voting rights in, or control over, any company or other entity, that would enable any person and persons acting in concert with him to exercise or direct the exercise of such percentage of voting rights in, or control over, a target company, the acquisition of which would otherwise attract the obligation to make a public announcement of an open offer for acquiring shares under these regulations, shall be considered as an indirect acquisition of shares or voting rights in, or control over the target company.”
________________________________________________________________________________________________ Order in the matter of Alembic Pharmaceuticals Limited Page 4 of 15
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Source: SecMarx — sebi:WTM/GM/CFD/DCR1/35/2020-21. 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.