sebi:WTM/TCN/ID-3/157/Jan/2009
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Facts / Headnote
Proceedings concluded without passing any directions against the noticees; show cause notices disposed of
Provisions invoked
- s. 11
Regulations
- Reg. 4
- Reg. 12
Parties
- Color Chips India Limited (CCIL)
- Y. Suryanarayana
- R. S. Sudhish
- Uttam P. Kumar
- Dr. P. Pitamber
- B. K. Sharma
Holding
The proceedings against CCIL, Y. Suryanarayana, R. S. Sudhish, Uttam P. Kumar, Dr. P. Pitamber and B. K. Sharma were concluded without passing any directions and the show cause notices were disposed of, giving them the benefit of doubt under the PFUTP Regulations, 1995.
Full text
Page 2 of 14 SEBI conducted independent investigations into the affairs of CCIL; the investigation period being from January 2000 to March 2000.
Page 3 of 14 agreed that CCAPL shall either go for an initial public offer and/or take over an existing and listed Company for setting up the project.
Page 4 of 14 resolution, Shri Uttam Kumar acquired the control and management of the company. As per SEBI (SAST) Regulations, 1997, the acquirer company (CCAPL) made an announcement for open offer on January 20, 2000 to acquire 13,69,000 fully paid up equity shares at par value and 6, 51, 100 partly paid up equity shares at a price proportionate to the amount paid up on the shares. It was forming total of 20,21,000 shares representing 20% of the subscribed capital. The opening date of the open offer was February 23, 2000 and closing date of the offer was March 23, 2000. On the date of public announcement (i.e. January 20, 2000) by the CCAPL and as on February 10, 2000, i.e. the date of the Letter of Offer, there were only 13,69,900 fully paid up equity shares. Thus, there was less floating stock in the market.
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Source: SecMarx — sebi:WTM/TCN/ID-3/157/Jan/2009. 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.