Precision Containeurs Limited

SAT-appeal

• SAT matter SATV-03036C82DABE520D65CF3765
  SEBI directed to decide the pending settlement application within two months from 30 January 2023. · If settlement is rejected, SEBI must pass an appropriate order pursuant to SAT's 23 November 2021 order within four weeks thereafter.
  Appeal: SAT Appeal No. 576 of 2019 had been allowed by order dated 23 November 2021; SEBI's Civil Appeal before the Supreme Court was dismissed on 15 September 2022.
• Acquisition of 2.19% shares through warrant conversion increased promoter-group holding from 53.85% to 56.04%, allegedly triggering Regulation 11(1) and the obligation to make a public announcement. Non-disclosure was also alleged.
  Appeal partly allowed · Impugned AO order modified
  Appeal: Appeal No. 43 of 2018 decided by SAT on 15 May 2019; partly allowed and penalty reduced
• Promoter group holding 41.82% acquired additional 9.58% in same financial year via warrant conversion exceeding 5% creeping limit without open offer, violating Regulation 11(1) SAST 1997 as persons acting in concert.
  Impugned WTM order dated 30 September 2019 directing open offer quashed · Appeal allowed with parties to bear own costs
  Appeal: Appeal No. 576 of 2019 heard on 09.11.2021, decided on 23.11.2021 - allowed, impugned order quashed and remanded