Court : Company Law Board CLB Mumbai
..... established beyond doubt that they have complied with the statutory disclosures in the prescribed manner to the company and stock exchange, as the case may be, in strict compliance with regulations 7(1), 7(1a), and 8(1) on acquision of the impugned shares, that such acquisitions are by public announcements made as per regulation 10 and further that there has been no violation of regulations 8(2) and 12(1) of the sebi regulations, 1997 for the reasons stated supra. ..... such directions as it deems fit including: (d) directing the target company or the depository not to give effect to transfer or further freeze the transfer of any such shares and not permit the acquirer or any nominee or any proxy of the acquirer to exercise any voting or other rights attached to such shares acquired in violation of regulation 10, 11 or 12; from the above it can be seen that sebi can direct the targeted company to freeze the voting rights or to transfer or not ..... 14 to 29 from exercising any voting or other rights, or availing of any benefits or privileges in respect of the 54,335 shares of the petitioner-company. 2. ..... 10 to 13 from exercising any voting or other rights, or availing of any benefits or privileges in respect of the 31,419 shares of the petitioner-company. ..... 9 from exercising any voting or other rights, or availing of any benefits or privileges in respect of 1,17,903 shares of the petitioner-company. .....
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