sebi:WTM/PS/183/CFD-DCR/MAR/2016
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Facts / Headnote
Exemption granted
Provisions invoked
- s. 19
Regulations
- Reg. 3
- Reg. 10
- Reg. 3(1)
- Reg. 11(5)
- Reg. 2(1)(q)
- Reg. 3(2)
Holding
Exemption was granted to Gokul M. Jaykrishna Family Trust from open offer requirements under regulation 3 of the Takeover Regulations for acquisition of 25,98,332 shares (21.17%) of Asahi Songwon Colors Limited from Gokul Jaykrishna and Munjal Jaykrishna, subject to conditions.
Full text
Page 2 of 10 proposed acquirer trust are Gokul Jaykrishna, Radhika Jaykrishna, Arjun Gokul Jaykrishna Trust (beneficiaries are Arjun Gokul Jaykrishna and Radhika Gokul Jaykrishna) and Ambika Gokul Jaykrishna Trust (beneficiaries are Ambika Gokul Jaykrishna and Radhika Gokul Jaykrishna). Arjun Gokul Jaykrishna and Ambika Gokul Jaykrishna are the children of Mr. Gokul Jaykrishna.
Page 3 of 10 Reasons for seeking exemption: (a) The proposed acquirer is currently not holding any shares in the target company. Pursuant to the proposed transaction by the proposed acquirer, its shareholding would increase from ‘nil’ to 21.17%. The proposed acquirer would therefore be under an obligation to make an open offer as required under regulation 3(1) of the Takeover Regulations.
Page 4 of 10 (g) The change in the identity of persons exercising voting rights over the target company would only be between persons who in their personal capacities are promoters of the company and are the relatives of the persons transferring the shares.
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Source: SecMarx — sebi:WTM/PS/183/CFD-DCR/MAR/2016. 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.