sebi:WTM/GM/EFD/57/2018-19
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Facts / Headnote
Noticees directed jointly or severally to make public announcement to acquire shares in accordance with Takeover Regulations, 2011 within 45 days with 10% per annum interest
Provisions invoked
- s. 19
- s. 18
- s. 17(3)
Regulations
- Reg. 3
- Reg. 10
- Reg. 44
- Reg. 2(1)(q)
- Reg. 3(2)
- Reg. 32
- Reg. 2(1)(q)(2)
- Reg. 2(1)(q)(1)
- Reg. 10(1)(d)(i)
Parties
- Umesh Kumar Modi
- Kumkum Modi
- Jayesh Modi
- Longwell Investments Pvt. Ltd.
- A to Z Holding Pvt. Ltd.
- Moderate Leasing & Capital Services Ltd.
- SBEC Systems (India) Ltd.
Holding
The seven promoter Noticees violated regulation 3(2) of the Takeover Regulations, 2011 by increasing collective holding from 54.46% to 63.86% in FY 2014-15 without an open offer, and were directed to make a public announcement within 45 days with 10% interest.
Full text
_____________________________________________________________________________ Order in the matter of SBEC Sugar Ltd. Page 2 of 13
_____________________________________________________________________________ Order in the matter of SBEC Sugar Ltd. Page 3 of 13 company. The increase in shareholding was not on account of purchase of shares but due to adjustment against loans outstanding.
_____________________________________________________________________________ Order in the matter of SBEC Sugar Ltd. Page 4 of 13
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Source: SecMarx — sebi:WTM/GM/EFD/57/2018-19. 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.