sebi:WTM/PS/41/IVD/ID-05/FEB/2010
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Facts / Headnote
Show Cause Notice dated August 30, 2004 disposed of without any directions
Provisions invoked
- s. 11
Regulations
- Reg. 44
- Reg. 12
- Reg. 2
- Reg. 20
Parties
- G.K. Chakrapani
- Rajesh Sharma
- Sanjay Sharma
- Dr. Arvind Pandey
Holding
The Show Cause Notice alleging failure to make a public announcement under the SAST Regulations upon acquiring control of Kirloskar Investment and Finance Ltd. (KIFL) was disposed of without any directions, as the noticees were given benefit of doubt on the issue of whether they had acquired control of KIFL.
Full text
Page 2 of 8 Regulations. The SCN alleged that noticees had acquired the control of KIFL from Hari Singh Champawat, Manohar Singh Rathore and Keshar Singh Rathore without making a public announcement as required by the provisions of SAST Regulations. Accordingly, it called upon the noticees to show cause as to why appropriate action under the Securities and Exchange Board of India Act, 1992 and/ or SAST Regulations should not be issued against them for their failure to make public announcement to acquire a minimum of 20% of the equity capital of the company at a minimum price specified under Regulation 20 plus interest towards compensation to the investors for the period of delay as per the Regulations.
Page 3 of 8 this, I am compelled to proceed with the matter ex-parte, on the basis of material available on record, as against the noticees who have neither replied to SCN nor appeared for hearing, having complied with the principles of natural justice.
Page 4 of 8 d. Directors were not given any kind of special right for controlling the policy decisions of KIFL. The directors did not enter into any kind of voting agreement or any shareholding agreement with the company. e. No special management right assigned to any of the directors of KIFL. f. Not handling day to day activities of the company or was taking decisions in Board Meeting. g. Not attended even a single board meeting. h. No knowledge of dilution of shareholding of Hari Singh Champawat and never came in control of management of KIFL. i. Not an acquirer in terms of Regulation.
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Source: SecMarx — sebi:WTM/PS/41/IVD/ID-05/FEB/2010. 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.