sebi:WTM/RKA/CFD-DCR/17/2014
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Facts / Headnote
Show cause notice dated February 11, 2014 disposed with no direction; held Etihad and existing promoters were not persons acting in concert and had not acquired joint control over Jet Airways (India) Limited, hence no open offer obligation.
Provisions invoked
- s. 11
- s. 20(4)
Regulations
- Reg. 4
- Reg. 2(1)(e)
- Reg. 2(1)
- Reg. 2(1)(q)
- Reg. 13(1)
- Reg. 32
- Reg. 2(1)(q)(2)
- Reg. 2(1)(q)(1)
Parties
- Tail Winds Limited (TWL)
- Shri Naresh Goyal
- Ms. Anita Naresh Goyal
- Etihad Airways PJSC
Holding
Etihad Airways PJSC, acting with the existing promoters of Jet Airways (India) Limited, did not acquire joint control over Jet and was not a person acting in concert with them under regulation 2(1)(e) read with regulation 4 and regulation 2(1)(q) of the Takeover Regulations, 2011, so no public announcement obligation was triggered and no direction was required.
Full text
_________________________________________________________________________________ In the matter of acquisition of shares of Jet Airways (India) Limited by Etihad Page 2 of 17 Mumbai, Pin- 400099 and its shares are listed on Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE). Tail Winds Limited („Noticee 1‟ or „TWL‟), Shri Naresh Goyal („Noticee 2‟) and Ms. Anita Naresh Goyal („Noticee 3‟) were promoters of Jet at the relevant time.
_________________________________________________________________________________ In the matter of acquisition of shares of Jet Airways (India) Limited by Etihad Page 3 of 17 Jet and Etihad, respectively held 51% and 24% shareholding in Jet as on November 20, 2013.
_________________________________________________________________________________ In the matter of acquisition of shares of Jet Airways (India) Limited by Etihad Page 4 of 17 Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ' the Takeover Regulations, 2011') and their probable obligation to make a public announcement in accordance with regulation 4 read with regulation 13(1) of the Takeover Regulations, 2011.
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Source: SecMarx — sebi:WTM/RKA/CFD-DCR/17/2014. 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.