sebi:WTM/RKA/EFD-DRA-II/48/2015
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Facts / Headnote
Directions issued requiring noticees to disinvest 1,38,000 shares of TCM Ltd. through sale on BSE and transfer entire proceeds to the Investor Protection and Education Fund, within 3 months.
Provisions invoked
- s. 19
Regulations
- Reg. 44
- Reg. 11
- Reg. 10
- Reg. 12
- Reg. 14
- Reg. 14(1)
- Reg. 11(1)
- Reg. 20
- Reg. 32
- Reg. 20(7)
Parties
- Mr. Joseph Varghese
- Mr. George Varghese
- Mr. T. Thirugnanam
Holding
The noticees, as persons acting in concert and promoters of TCM Ltd., breached regulation 11(1) of the Takeover Regulations, 1997 by acquiring shares beyond the 5% creeping acquisition limit in a financial year without making a public announcement of an open offer. SEBI directed them to disinvest 1,38,000 shares acquired in breach and transfer the proceeds to the Investor Protection and Education Fund instead of directing a fresh open offer.
Full text
_____________________________________________________________________________ Order in the matter of TCM Ltd. Page 2 of 8 on March 26, 2010. Accordingly, there was a cumulative increase of 9.06% in the shareholding of the promoter group in the target company.
_____________________________________________________________________________ Order in the matter of TCM Ltd. Page 3 of 8 parte. The replies/submissions of the noticees are inter alia as following:-
_____________________________________________________________________________ Order in the matter of TCM Ltd. Page 4 of 8
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Source: SecMarx — sebi:WTM/RKA/EFD-DRA-II/48/2015. 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.