sebi:WTM/RKA/CFD-DCR/39/2015
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Facts / Headnote
Directions issued: Noticees directed to make a public announcement to acquire shares of the target company within 45 days and to pay interest at 10% per annum from September 17, 2011 to shareholders who tender shares in the open offer.
Provisions invoked
- s. 19
- s. 81
- s. 297
- s. 297(1)
Regulations
- Reg. 44
- Reg. 10
- Reg. 12
- Reg. 14(1)
- Reg. 45
- Reg. 2(1)(b)
- Reg. 3(1)(j)
- Reg. 11
- Reg. 11(1)
- Reg. 32
Parties
- S. I. Media LLP (SIML)
- Vasanth Color Laboratories Limited (VCLL)
- Mr. Bindiganavale Ranga Vasanth Kumar
- Mr. Vishnu Vasanth
- Ms. Vinitha Vasanth
- Ms. Anita Vasanth
Holding
The Noticees were found to have breached regulation 10 of the Takeover Regulations, 1997 (by SIML) and regulation 11(1) (by the promoter group) by failing to make a public announcement of an open offer following the preferential allotment of shares on June 10, 2011. Directions were issued requiring a public announcement within 45 days and payment of interest at 10% per annum to shareholders tendering in the open offer.
Full text
___________________________________________________________________________ Order in the matter of Vision Cinemas Limited Page 2 of 13
___________________________________________________________________________ Order in the matter of Vision Cinemas Limited Page 3 of 13
___________________________________________________________________________ Order in the matter of Vision Cinemas Limited Page 4 of 13
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Source: SecMarx — sebi:WTM/RKA/CFD-DCR/39/2015. 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.