Asit Mehta

SAT-appeal

• Promoters holding 55-75% acquired additional shares exceeding 5% and via bulk deals without making open offer under Regulation 11(2).
  WTM held violation of Regulation 11(2) and second proviso to Regulation 11(2) · Directed appellants to make public announcement of open offer per 1997 Regulations within stipulated time
  Appeal: Appeal Nos. 265/2015, 489/2015, 128/2016, 130/2016, 157/2017, 351/2017; Reserved 02.05.2018, Decided 28.05.2018 by common decision
• Promoter-acquirers holding 55%-75% allegedly acquired additional shares exceeding 5% voting rights and/or via bulk deals without making open offer under Regulation 11(2) SAST 1997.
  WTM held appellants violated Regulation 11(2) SAST 1997 and directed public announcement of open offer per 1997 Regulations within stipulated time
  Appeal: Appeal Nos. 265/2015, 489/2015, 128/2016, 130/2016, 157/2017, 351/2017 reserved on 02.05.2018 decided on 28.05.2018 by common order
• Acquirers holding 55%-75% allegedly acquired additional shares exceeding 5% cap and via bulk deals without open offer, violating Regulation 11(2) second proviso.
  WTM directed appellants to make public announcement of open offer under 1997 Regulations within time stipulated in respective orders
  Appeal: Appeal Nos. 265/2015, 489/2015, 128/2016, 130/2016, 157/2017, 351/2017 reserved on 02.05.2018, decided on 28.05.2018 by common order
• Acquirers holding 55-75% acquired additional shares exceeding 5% and/or via bulk deal without public announcement of open offer, violating Regulation 11(2) second proviso.
  WTM held appellants guilty of violating Regulation 11(2) and directed to make public announcement of open offer per 1997 Regulations within stipulated time
  Appeal: Appeal Nos. 265/2015, 489/2015, 128/2016, 130/2016, 157/2017, 351/2017 heard together; Order Reserved 02.05.2018, Date of Decision 28.05.2018 by common order