sebi:WTM/RKA/ERO/13-14/2015
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Facts / Headnote
Directions issued to both groups of noticees to make public announcement within 45 days and pay interest at 10% per annum on consideration amount; proceedings against Pradeep Kumar Kothari abated due to death.
Provisions invoked
- s. 11
Regulations
- Reg. 44
- Reg. 10
- Reg. 12
- Reg. 14
- Reg. 45
- Reg. 2
- Reg. 11
- Reg. 32
- Reg. 2(e)(2)(i)
- Reg. 32(1)(h)
- Reg. 2(e)(2)
- Reg. 35(2)(b)
Holding
Both groups of noticees — six individual acquirers (19.53%) and ten corporate acquirers (41.35%) — violated Regulation 10 of the SAST Regulations, 1997 by acquiring shares beyond the 15% threshold without making a public announcement, and were directed to make a public announcement within 45 days and pay interest at 10% per annum on the consideration amount.
Full text
Order in the matter of Kwality Credit & Leasing Ltd. Page 2 of 12 2. From the details received from CDSL of all the off-market transfers in the scrip between 01/09/2010 and 30/09/2010, it was observed that 13,56,446 shares of Kwality Credit were transferred from 11 accounts in CDSL to 16 accounts in NSDL on 15/09/2010, 16/09/2010, 17/09/2010, 18/09/2010 and 20/09/2010. All these accounts in CDSL were with depository participant, Ashika Stock Broking Limited (1203450) and all the accounts in NSDL were with the Depository Participant, Guiness Securities Limited (IN302898).
Order in the matter of Kwality Credit & Leasing Ltd. Page 3 of 12 Pradeep Kumar Kothari 50000 150000 4.28% 17/09/2010 Ichraj Devi Kothari 50000 50000
Order in the matter of Kwality Credit & Leasing Ltd. Page 4 of 12 8. In addition to above acquisition, it was further noted that in the same manner, 10 corporate acquirers namely, Shri Vishnu Krupa Commodities P Ltd, Sangam Agro Agencies Pvt. Ltd., Param Commodities Pvt. Ltd, Kalpa Mercantile Pvt. Ltd, Utkarsh Agro Marketing Pvt. Ltd, Paramarth Agro Marketing Pvt. Ltd, Apurva Commoditied Pvt. Ltd., Pawantar Agro Agencies Pvt. Ltd, Chirayush Agro Marketing Pvt. Ltd and Miatru Agro Marketing Pvt. Ltd. had together acquired 14,47,405 shares( 41.35%) of Target Company during September 2010 as detailed in following table:
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Source: SecMarx — sebi:WTM/RKA/ERO/13-14/2015. 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.