sebi:WTM/GM/EFD/DRAIII/31/2017-18
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Facts / Headnote
Held violation of Regulation 3(2) for 8.40% acquisition; directed Noticees 1, 2 and 3 to jointly and severally disinvest 3.40% shares of Unique Organics Limited in small lots on stock exchange and remit net sale proceeds after cost to Investor Protection and Education Fund within 3 months; no directions against Noticees 4 to 6.
Regulations
- Reg. 2(1)
- Reg. 10
- Reg. 8
- Reg. 44
- Reg. 3(2)
- Reg. 32
- Reg. 2(1)(a)
Parties
- Jyoti Prakash Kanodia
- Madhu Kanodia
- Sarla Devi Kanodia
- Narendra Agarwal
- Santosh Agarwal
- Sunita Agarwal
Holding
Promoter group holding 27.82% triggered Regulation 3(2) by acquiring further 8.40% in FY 2013-14 without open offer; instead of open offer, Noticees 1-3 must divest excess 3.40% and remit net proceeds to IPEF.
Full text
_____________________________________________________________________________ Order in the matter of Unique Organics Ltd. Page 2 of 10
_____________________________________________________________________________ Order in the matter of Unique Organics Ltd. Page 3 of 10
_____________________________________________________________________________ Order in the matter of Unique Organics Ltd. Page 4 of 10 B. Mr. Narendra Agarwal and Ms. Sunita Agarwal have stated in their reply that: i. As per quarterly filing of the company with BSE for the quarter ending on March 31, 2014, they were not shown as part of the promoter group of the company and have diluted their whole holding in the company. ii. That during the relevant period their shareholding in the company was only 50,000 shares each and they were not holding any position as director of UOL. Consideration and findings:
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Source: SecMarx — sebi:WTM/GM/EFD/DRAIII/31/2017-18. 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.