Vas Educomp Private Limited

SAT-appeal

• 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
• 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