sebi:WTMO/3/CFD/09/03
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Facts / Headnote
Application for exemption from applicability of Regulation 10 of the Takeover Regulations rejected; acquirers directed to comply with open offer requirements
Provisions invoked
- s. 19
- s. 15H
Regulations
- Reg. 4
- Reg. 6
- Reg. 3
- Reg. 2(1)(c)
- Reg. 10
- Reg. 12
- Reg. 14(1)
- Reg. 8(3)
- Reg. 6(1)
- Reg. 3(1)
- Reg. 2(1)(h)
- Reg. 11(2)
- Reg. 199
- Reg. 6(3)
- Reg. 3(1)(e)
- Reg. 3(1)(l)
- Reg. 3(l)
- Reg. 2(1)(h)(i)
Parties
- Atcom Technologies Ltd (ATL)
- Doshi family (Acquirers)
Holding
The application for exemption from the applicability of Regulation 10 of the Takeover Regulations for an inter se transfer of shares among promoters was rejected on the ground that the transferees had not complied with the disclosure requirements under Regulation 6. The acquirers were directed to comply with the open offer provisions of the Takeover Regulations as and when they acquire shares/voting rights.
Full text
3.0 SUBMISSIONS IN THE EXEMPTION APPLICATION In the aforesaid application, the Acquirers, inter-alia, submitted as under: 3.1 As on the date of the application, ATL is holding 71.79% of the paid up equity capital of the Target Company. Therefore, as per Regulation 2(1)(h)(i) of the Regulations, Atcom Technologies Ltd is in control of the Target Company.
3.3 As per the Offer for sale document dated June 29, 1993 of Atcom Technologies Ltd, Doshi family are the promoters of Atcom Technologies Ltd.
4.5 it was also observed, inter alia that ATL which was holding 76.29% shareholding in the target company had acquired 2,00,000 shares representing 1.04% of the Target Company on April 05, 2001, increasing its shareholding in the Target Company to 77.33% and that no public announcement was made by ATL in terms of Regulation 11(2) of the Regulations.
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Source: SecMarx — sebi:WTMO/3/CFD/09/03. 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.