sebi:WTM/PS/43/IVD/ID-03/OCT/2010
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Acquirer directed to make public announcement to shareholders of target company within 45 days and to pay interest at 10% per annum on offer price for delay.
Provisions invoked
- s. 11B
- s. 19
Regulations
- Reg. 10
- Reg. 44
Parties
- Mr. Harmohan Singh Sabharwal
Holding
The acquirer, Mr. Harmohan Singh Sabharwal, violated Regulation 10 of the SAST Regulations by crossing the 15% threshold in DRSL on May 22, 2006 without making a mandatory public announcement, and continued acquiring shares thereafter up to 16.66%.
Full text
Page 2 of 6 months the average daily volume of the scrip was only 6,682 shares and the price of the scrip was in the range of `3 to `13.
Page 3 of 6 that in absence of any reply, the matter would be proceeded ex-parte. I note that the stipulated period mentioned in the publication has expired. I have seen the service report and find that the principles of natural justice have been duly complied with and it appears that the acquirer is not interested in submitting his stand in the present proceedings. In view of this, I am compelled to proceed with the matter ex-parte, on the basis of material available on record, having complied with the principles of natural justice.
Page 4 of 6 percentage during the relevant period in the scrip of DRSL has been brought out below for easy reference: TABLE – A
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Source: SecMarx — sebi:WTM/PS/43/IVD/ID-03/OCT/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.