sebi:WTM/KMA/CFD/99/07/2009
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Facts / Headnote
Exemption granted
Provisions invoked
- s. 19
- s. 77A
Regulations
- Reg. 199
- Reg. 4(2)
- Reg. 4(4)
- Reg. 11(2)
- Reg. 3(1)(l)
- Reg. 4(6)
Holding
Exemption was granted to Mr. T. Venkattram Reddy, Mr. T. Vinayak Ravi Reddy, Mr. P.K Iyer and Mrs. T. Urmila Reddy from complying with Regulation 11(2) of the Takeover Regulations with respect to their increase in percentage shareholding and voting rights from 63% to 73.51% consequent upon the proposed buy-back by Deccan Chronicle Holdings Limited.
Full text
Page 2 of 7 referred to as the acquirers). It has been submitted in the said application that the acquirers who are the promoters of the target company are holding 1,54,282,250 equity shares representing 63% of the voting rights of the target company, as on the date of the application.
Page 3 of 7 2.3 Since, the aforesaid proposed increase in the voting rights of the acquirers in target company consequently trigger regulation 11(2) of the Takeover Regulations, the exemption has been sought by the acquirers under Regulation 3(1)(l) read with Regulation 4(2) of the Takeover Regulations, inter alia, on the following grounds:-
Page 4 of 7 Total 29340 244,877,545 100 209,877,545 100 3.0 RECOMMENDATION OF THE TAKEOVER PANEL – 3.1 The aforesaid application was forwarded by SEBI to the Takeover Panel in terms of Regulation 4(4) of the Takeover Regulations. The Takeover Panel, vide its report dated March 25, 2009, has recommended as under–
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Source: SecMarx — sebi:WTM/KMA/CFD/99/07/2009. 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.