sebi:WTM/RKA/EFD-DRA-I/75-102/2015
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Facts / Headnote
Violation of regulation 11(2) of the Takeover Regulations, 1997 held established against promoters and ten connected companies as PACs; directions under regulation 44 read with sections 11/11B including open offer obligations imposed with immediate effect.
Provisions invoked
- s. 19
- s. 11
- s. 15(1)
Regulations
- Reg. 44
- Reg. 11
- Reg. 2(1)(e)
- Reg. 2(1)
- Reg. 10
- Reg. 12
- Reg. 14
- Reg. 2(1)(b)
- Reg. 11(2)
- Reg. 20
- Reg. 35
- Reg. 2(1)(e)(i)
Holding
The ten connected companies were held to be persons acting in concert inter se and with MIL's promoter group and to have triggered regulation 11(2) on December 15, 2006 by acquisition on conversion of warrants without public announcement. SEBI held the charge established and issued directions under regulation 44 read with sections 11/11B, including open-offer compliance, effective immediately.
Full text
Order in the matter of Murli Industries Limited Page 2 of 39 Appearances: For entities at Sl. no. 1 to 18 : 1. Mr. Vinay Chauhan, Advocate
Order in the matter of Murli Industries Limited Page 3 of 39 ten connected companies and their directors regarding their investments in MIL on various dates. As per the said reference, the aforementioned ten connected companies had together cornered a large part of the shareholding of MIL and were also suspected to have traded fraudulently in the scrip of the MIL.
Order in the matter of Murli Industries Limited Page 4 of 39 entities described in Table C as under:- Table D Sl. No. Entities
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Source: SecMarx — sebi:WTM/RKA/EFD-DRA-I/75-102/2015. 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.