Raj J. Valia, Madhav J. Valia, Jayesh V. Valia, Jayesh V. Valia (HUF)

SAT-appeal

• 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
• Warrant conversion increased promoter holding by more than 5% in a financial year in violation of Regulation 11(1) SAST Regulations, 1997.
  Appeal No. 354 of 2023 dismissed, WTM order dated March 16, 2023 upheld · Sell shares acquired in excess of 5% in violation of Regulation 11(1)
  Appeal: Appeal No. 354 of 2023 dismissed on 25.04.2023; earlier Appeal No. 576 of 2019 allowed and Civil Appeal No. 1331 of 2022 dismissed 15.09.2022