sebi:WTMO/50/CFD/1/04
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Facts / Headnote
Exemption granted to the acquirer from complying with Chapter III of the Takeover Regulations with regard to the proposed acquisition of 4,23,72,972 (12.33%) shares and voting rights of the target company (JCT Limited); acquirer directed to complete the acquisition within three months and file a report under Regulation 3(4) read with Regulation 3(5).
Provisions invoked
- s. 19
Regulations
- Reg. 4
- Reg. 3(4)
- Reg. 3(5)
Holding
SEBI granted exemption to the acquirer from complying with Chapter III of the Takeover Regulations in respect of the proposed acquisition of 4,23,72,972 (12.33%) shares and voting rights of JCT Limited, pursuant to the implementation of the Family Settlement Agreement (FSA) as envisaged by SEBI's order dated 8th October 2001.
Full text
3.0 Pursuant to the SEBI order dated 8th October 2001, the voting rights in respect of 4,48,56,412 equity shares constituting 37.51% of the total voting rights in the target company are stated to have been transferred to Shri M. M. Thapar.
4.3 It was submitted in the application that the above is in accordance with the terms of the FSA and as envisaged by SEBI Order dated 08.10.2001.
exemption to the transfer of voting rights of eight companies including the target company among the four brothers of the Thapar family so as to enable them to have independent management and control as envisaged in the Family Settlement.
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Source: SecMarx — sebi:WTMO/50/CFD/1/04. 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.