sebi:WTM/SKM/CFD/08/2020-21
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Facts / Headnote
Exemption granted
Provisions invoked
- s. 19
- s. 11(1)
- s. 11(2)
Regulations
- Reg. 4
- Reg. 3
- Reg. 10
- Reg. 5(1)
- Reg. 31
- Reg. 11(5)
Holding
SEBI granted exemption to Sameer Gehlaut IBR Trust from complying with regulation 5(1) read with regulation 4 of the Takeover Regulations, 2011 for the proposed indirect acquisition of 10,49,89,745 shares (23.10%) of Indiabulls Real Estate Limited through Galax Minerals Pvt Ltd. The exemption is subject to specified conditions.
Full text
_____________________________________________________________________________________________ Order in the matter of Indiabulls Real Estate Limited Page 1 of 12 WTM/SKM/CFD/08/2020-21
_____________________________________________________________________________________________ Order in the matter of Indiabulls Real Estate Limited Page 2 of 12 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 offer for acquiring shares under these regulations, shall be considered as an indirect acquisition of shares or voting rights in, or control over the target company.”
_____________________________________________________________________________________________ Order in the matter of Indiabulls Real Estate Limited Page 3 of 12
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Source: SecMarx — sebi:WTM/SKM/CFD/08/2020-21. 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.