sebi:WTM/MPB/EFD-1-DRA-3/31/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Show Cause Notice dated March 01, 2017 disposed of with directions; Noticees directed to make a public announcement to acquire shares of the target company in accordance with Takeover Regulations, 1997 read with corresponding provisions of Takeover Regulations, 2011.
Provisions invoked
- s. 19
- s. 2(1)
- s. 306
Regulations
- Reg. 11
- Reg. 199
- Reg. 2(1)
- Reg. 10
- Reg. 12
- Reg. 14(1)
- Reg. 44
- Reg. 45
- Reg. 2(1)(b)
- Reg. 11(1)
- Reg. 2(h)
- Reg. 3(1)
- Reg. 32
- Reg. 27(1)
- Reg. 27(c)
Parties
- Erstwhile Bhanot Leasing Ltd.
- Eshan Bhanot
- Rajeev Bhanot
- R.D. Bhanot
- Krishna Kumari Bhanot
- Rekha Bhanot
- Poonam Bhanot
- Tania Bhanot
- Palak Bhanot
- Shruti Sharma
- Aditi Bhanot
- Vijay Sharma
- Dushyant Sharma
- Somia Sharma
- Arun Soni
- Roma Soni
- Punit Soni
Holding
The Noticees, as promoters and persons acting in concert, increased their collective shareholding from 25.08% to 33.93% during financial year 2005-06, triggering Regulation 11(1) of the Takeover Regulations, 1997, and failed to make the mandatory public announcement. The Noticees were directed to make a public announcement to acquire shares of the target company.
Full text
Order in the matter of Bhanot Construction and Housing Limited Page 2 of 27 11. Shruti Sharma BOBPS9628J 12. Vijay Sharma ALZPS7243M
Order in the matter of Bhanot Construction and Housing Limited Page 3 of 27 the promoters to make a public announcement to make an open offer for acquiring shares of the Target Company in terms of regulation 11(1) of Takeovers Regulations, 1997. Since the promoters of the Target Company had allegedly failed to make the requisite public announcement, a Show Cause Notice (“SCN”) dated March 01, 2017 was issued to erstwhile Bhanot Leasing Ltd., Eshan Bhanot, Rajeev Bhanot, RD Bhanot, Krishna Kumari Bhanot, Rekha Bhanot, Poonam Bhanot, Tania Bhanot, Palak Bhanot, Shruti Sharma, Aditi Bhanot, Vijay Sharma, Dushyant Sharma, Somia Sharma, Arun Soni, Roma Soni and Punit Soni (hereinafter referred to as "the Noticees") calling upon them to show cause as to why suitable directions under sections 11, and 11B of the SEBI Act, regulations 44 and 45 of the Takeover Regulations, 1997 read with corresponding provisions of regulations 32 and 35 of Takeover Regulations, 2011 should not be issued against them for the alleged violations of regulation 11(1) of the Takeover Regulations, 1997.
Order in the matter of Bhanot Construction and Housing Limited Page 4 of 27 6. Subsequently, vide letter dated January 15, 2018, Rajeev Bhanot submitted that R. D. Bhanot, and Krishna Kumari Bhanot have passed away (Copy of Dealth Certificates enclosed). Further, R.D.Bhanot being the Chairman and Managing Director was handling all affairs of the Company and was aware of all the transactions executed as mentioned in the SCN. Since the transactions mentioned in the SCN pertains to the year 2005 and 2006, Noticees (Rajeev Bhanot for and on behalf of Co-Noticees) sought time to collate the data/information/documents and adjournment of the hearing for four weeks. 6.1 Bhanot Leasing Limited vide letter dated January 20, 2018 submitted that the name of the Company was changed to Bhanot Infrastructure and Hospitalities Limited in 2006. Subsequently, in the year 2009, Bhanot Infrastructure and Hospitalities Limited was amalgamated with Bhanot Construction and Housing Limited. Since Bhanot Leasing Limited got amalgamated with Bhanot Construction and Housing Limited, Rajeev Bhanot has been authorised to file reply and to do all such acts and deeds required in the present proceedings. A Copy of the Board Resolution to this effect was also enclosed. 6.2 Further, vide letters dated January 17, 2018, Roma Soni, Punit Soni, Arun Soni, Tania Bhanot, Rekha Bhanot, Aditi Bhanot, Vijay Sharma, Shruti Sharma, Dushyant Sharma and Somia Sharma intimated SEBI that they have appointed Rajeev Bhanot a
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/MPB/EFD-1-DRA-3/31/2018. 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.