sebi:WTM/GM/CFD/DCR2/36/2020-21
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Facts / Headnote
Exemption granted
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
Exemption was granted to CRA Family Trust from complying with Regulations 3(2), 4 and 5 of the Takeover Regulations 2011 for the proposed indirect acquisition of shares/voting rights in Paushak Limited via transfer of 25.01% of Nirayu Limited.
Full text
________________________________________________________________________________________________ Order in the matter of Paushak Limited Page 2 of 15 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 Paushak Limited Page 3 of 15 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 Paushak Limited Page 4 of 15
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Source: SecMarx — sebi:WTM/GM/CFD/DCR2/36/2020-21. 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.