sebi:WTM/SKM/CFD/06/2020-21
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Facts / Headnote
Exemption granted to Mittal Business Holdings Trust from complying with regulation 5(1) read with regulation 3(1) & regulation 4 of the Takeover Regulations, 2011, subject to conditions; Application disposed of.
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 5(1)
- Reg. 3(1)
- Reg. 31
- Reg. 11(5)
Holding
SEBI granted exemption to Mittal Business Holdings Trust from the requirement of making an open offer under regulation 5(1) read with regulation 3(1) & regulation 4 of the Takeover Regulations, 2011 for the proposed direct and indirect acquisitions of shares in Greenply Industries Limited, subject to conditions.
Full text
_____________________________________________________________________________________________ Order in the matter of Greenply Industries Limited Page 1 of 9 WTM/SKM/CFD/06/2020-21
_____________________________________________________________________________________________ Order in the matter of Greenply Industries Limited Page 2 of 9 Substantial acquisition of shares or voting rights. Reg. 3(1): No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these regulations Acquisition of control. Reg. 4: “Irrespective of acquisition or holding of shares or voting rights in a target company, no acquirer shall acquire, directly or indirectly, control over such target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these regulations.” Indirect acquisition of shares or control. Reg. 5(1): For the purposes of regulation 3 and regulation 4, acquisition of shares or voting rights in, or control over, any company or other entity, that would enable any person and persons acting in concert with him to exercise or direct the exercise of such percentage of voting rights in, or control over, a target company, the acquisition of which would otherwise attract the obligation to make a public announcement of an open
_____________________________________________________________________________________________ Order in the matter of Greenply Industries Limited Page 3 of 9 TOTAL 12,2627,395 100.00
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Source: SecMarx — sebi:WTM/SKM/CFD/06/2020-21. 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.