sebi:WTM/PS/184/CFD-DCR/MAR/2016
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Facts / Headnote
Exemption granted subject to conditions; application disposed off
Provisions invoked
- s. 19
Regulations
- Reg. 11
- Reg. 3
- Reg. 10
- Reg. 3(1)
- Reg. 11(5)
- Reg. 2(q)
- Reg. 2(1)(q)
Holding
Exemption is granted to Mrugesh Jaykrishna Family Trust-1 from open offer requirements under regulation 3 of the Takeover Regulations for proposed acquisition of 50,43,820 shares (41.10%) of Asahi Songwon Colors Limited, subject to conditions.
Full text
Page 2 of 10 (c) Mrs. Paru Jaykrishna is the Chairperson and Managing Director of the target company while Mr. Gokul Jaykrishna is the Joint Managing Director. The trustees and beneficiaries of the proposed acquirer trust are family members of the Jaykrishna family (promoter family).
Page 3 of 10 on the stock exchange on the date of respective tranche of acquisition. The acquirer would purchase shares out of funds gifted by its trustees/beneficiaries of the acquirer trust.
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/184/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.