sebi:WTM/KMA/IVD/373/03/2011
Facts / Headnote
Appeal dismissed; no regulatory intervention called for; allegations of violations of PFUTP Regulations, Takeover Regulations, DIP Guidelines, Listing Agreement and SCRA not substantiated
Provisions invoked
- s. 81
- s. 173(2)
- s. 173
- s. 21
- s. 293(1)
- s. 192A
- s. 372A(1)
Regulations relied on
- SEBI (DIP) Guidelines, 2000
- SEBI (PFUTP) Regulations, 2003
- SEBI (SAST) Regulations, 1997
Holding
The complainant's appeal alleging violations of the PFUTP Regulations, Takeover Regulations, DIP Guidelines, Listing Agreement and SCRA by DCM Shriram Industries Limited, its promoters and promoter group in connection with the preferential issue of 7,00,000 warrants and underlying 21,00,000 shares was dismissed as not substantiated. No regulatory intervention by SEBI was warranted.
Full text
Page 2 of 44 without saying that none of the parties before us in this appeal shall be entitled to file any further representation before the respondent Board……………” .
Page 3 of 44 No.2, its Promoters, Directors, promoter group entities and persons acting in concert, for the violations committed by them detailed in this Appeal, including but not limited to cancelling the issue of 7,00,000 preferential warrants on 30.11.2007 and the underlying 21,00,000 shares carrying distinctive numbers 15298438 to 17398437, and pending the investigation and for a period of four weeks thereafter freeze the voting rights and listing permission on the shares allotted; (c) ……… (d) ……..”
Page 4 of 44 Tilak Dhar (Karta of Lala Bansi Dhar & Sons-HUF), forming part of the promoters/promoter group/persons acting in concert (PAC) and that the resolution approving the issue of warrants was to be adopted through postal ballot.
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Source: SecMarx — sebi:WTM/KMA/IVD/373/03/2011. 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.