sebi:WTM/SKM/CFD/21/2021-22
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Facts / Headnote
Exemption granted from complying with regulations 3(2) and 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(2)
- Reg. 3
- Reg. 31
- Reg. 11(5)
Holding
SEBI granted exemption to the eight proposed Acquirer Trusts from the requirements of making an open offer under regulations 3(2) and 4 of the Takeover Regulations, 2011 in respect of the proposed direct acquisition of shares in Thirumalai Chemicals Limited, subject to specified conditions.
Full text
Order in the matter of Thirumalai Chemicals Limited Page 1 of 16 WTM/SKM/CFD/ 21 /2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Order in the matter of Thirumalai Chemicals Limited Page 2 of 16 2. An Application dated January 29, 2021 (for convenience “Application”) seeking exemption from the applicability of regulations 3 and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations, 2011”) in the matter of proposed direct acquisition of shares in the Target Company was received by SEBI from Sampath Family Trust (Acquirer 1), Sujata Sampath Family Trust (Acquirer 2), Vidya Family Trust (Acquirer 3), Ramya Family Trust (Acquirer 4), R Parthasarathy Family Trust (Acquirer 5), Tara Parthasarathy Family Trust (Acquirer 6), Meera Parthasarathy Family Trust (Acquirer 7) and Bhooma Parthasarathy Family Trust (Acquirer 8) (hereinafter collectively referred to as “Proposed Acquirers / Acquirer Trusts / Applicant Trusts”).
Order in the matter of Thirumalai Chemicals Limited Page 3 of 16 i. R. Sampath is a promoter of the Target Company who currently holds 2.88 % equity shares in the Target Company. He intends to gift/settle his entire shareholding in the Target Company to Sampath Family Trust. ii. Sujata Sampath is a promoter of the Target Company who currently holds 2.88 % equity shares in the Target Company. She intends to gift/settle her entire shareholding in the Target Company to Sujata Sampath Family Trust. iii. Parthasarathy Rangaswamy is a promoter of the Target Company who currently holds 2.34 % equity shares in the Target Company. He intends to gift/settle his entire shareholding in the Target Company to R Parthasarathy Family Trust. iv. Bhooma Parthasarathy is a promoter of the Target Company who currently holds 2.28 % equity shares in the Target Company. She intends to gift/settle her entire shareholding in the Target Company to Bhooma Parthasarathy Family Trust. v. Meera Parthasarathy is a promoter of the Target Company who currently holds 0.68 % equity shares in the Target Company. She intends to gift/settle her entire shareholding in the Target Company to Meera Parthasarathy Family Trust. vi. Tara Parthasarathy is a promoter of the Target Company who currently holds 0.72 % equity shares in the Target Company. She intends to gift/settle her entire shareholding in the Target Company to Tara Parthasarathy Family Trust. vii. S.Vidya is a promoter of the Target Company who currently h
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Source: SecMarx — sebi:WTM/SKM/CFD/21/2021-22. 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.