Judgment Search Results Home > Cases Phrase: benefit sharing Court: sebi securities and exchange board of india or securities appellate tribunal sat Page 1 of about 409 results (0.226 seconds)

Videocon International Ltd. Vs. Securities and Exchange Board of

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... made to acquire shares at a price higher than the market price , the existing shareholders and potential investors would try to ..... acquire more and more shares by the record date (1.6.1998 in this case) resulting in increase in the volume and the ..... such a higher price the promoters would have preferred to depress the market price of the shares to their advantage.shri sundaram stated that the respondents have failed to appreciate that the promoters having committed themselves to acquire 14.24 lakh shares on 9.4.1998 from the public at the rate initially of rs.140 and later at rs.165 per share, by "bench marking" the market price of the shares no benefit would be derived, that it is but natural that when an attractive public offer is .....

Kishore Rajaram Chhabria Vs. the Chairman Securities and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2003)46SCL385SAT

..... is not taken by surprise and, further, to ensure that in the course of substantial acquisition, there is no manipulation or distortion in the securities market, that the protection to the small investors is ensured by making of the public announcement of offer to buy shares from the remaining shareholders whereby the small investors have a choice to either continue to remain shareholders of the target company under a new dispensation or off-load their shareholding at a price which is generally higher than the ..... acquisition is not available to the appellants.even though it could be held that the acquisition of shares by imfa, mahameru and shirish under the regime of the 1994 regulations was not in accordance with the regulation, still the acquisition of 27.21% shares being not hit by any provisions of law, and that krc and mdc having acted in concert subsequently the benefit of creeping acquisition is available to the acquisition made by the said entities after the notification of the ..... sebi has not explained in its order as to in what way offloading of such huge quantity of shares would benefit the securities market or the shareholders of the target company. ..... in the instant case, the direction is clearly not in the interest of the securities market, as such direction would really result in the market capitalization of the target company being reduced, the value of the shares in the hands of small investors dwindling, and only entrenched management in the target company benefiting. .....

Rhodia S.A. Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... would allow persons to acquire indirect control of listed company by acquiring the holding company or a set of investment companies which has block holding and which may be unlisted, because the scope of the regulations apply only to acquisitions of shares in listed companies, the committee thought it fit to clarify by way of an explanation that acquisition of an unlisted company would not be exempted if by virtue of such acquisition, or change in control of the unlisted company whether in india or abroad, there is ..... submitted that the sole aim of the respondents 2, 3 and 4 is to fetch a high price for the shares held by them and to achieve this benefit they are shifting their stand and misguiding the authorities. ..... . the appellant's claim that the transfer of shares in the instant case was an inter se group transfer and as such exempted in terms of section 3(1)(e)(i) is untenable for the reason that there is no evidence of compliance of the requirement stated in the explanation to the said regulation that 'the benefit of availing of exemption from applicability of regulations for increasing shareholding or inter se transfer of shareholding among group companies, relatives and promoters shall be subject to such group companies or relatives or ..... is to force the appellant to make a public offer taking 14-3-2000 as the date on which the appellant exercised its call option, so that the offer price will be much higher than the current market price of the shares to benefit them .....

Sebi Vs. Shri. Dharmesh Bhupendra M. (Also

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... 76,56,250 to shri dharmesh bhupendra m and there was no receipt of rs 64 lakhs by the said welvet from shri dharmesh bhupendra m, as contended by him.thus, in addition to the admission made by shri dharmesh bhupendra m that the benefit/ gain of funds were shared between him and the financiers, the examination of the bank account details of welvet financial prima facie indicate that there was a prima facie effort to corner the retail portion of the idfc ltd. ..... transfers on allotment has all the ingredients of a devious design and the same definitely casts a reflection on the conduct of parties including shri dharmesh bhupendra, m, which can by no stretch of imagination be regarded as a fair market practice.3.8 sharing of benefit would prima facie indicate the commonality of interests. ..... on the other hand, he claimed that he had shared the benefit / gain of funds with the financiers.3.7 the contention of shri dharmesh bhupendra m that whatever he did was as per the market practice and within the four corners of law is not ..... also stated that the benefit / gain of funds were shared as per the understanding with financiers and that he had transferred the allotted shares according to the proportion in which the said benefit/ gain of funds was agreed to be shared. ..... further explained that the benefit / gain of funds were shared as per the understanding with financiers and that he had transferred the allotted shares according to the proportion in which the benefit was agreed to be shared. .....

In Re: Ksl and Industries Ltd. and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... was noticed in the scrips of kslil and jtrel, both of which are related to the tayal family.3.2 following entities connected to the promoters of kslil and jtrel were found to be dealing in the shares of these companies: name of the entity jayshree petrochemicals pvt ltd aaacj0934b axon realpro private limited aagca2391h 3.3 it is noticed that some of these entities have indulged in synchronized trades between themselves and also ..... on october 26, 2006, inter alia, has considered and approved the following: approved raising of funds for expansion for textile as well as real estate business through private placement of equity / preference shares / fully convertible debentures / gdr / share warrants or any other instrument of equity nature.23-nov-2006 ksl & industries ltd has informed bse that a meeting of the board of directors of the company will be held on november 30, 2006 ..... such security for wrongful gain or avoidance of loss; regulation 4(2) (g) no person shall directly or indirectly enter into a transaction in securities without intention of performing it or without intention of change of ownership of such security; 2.2 dealing in shares of ksl & industries ltd (kslil) corporate announcements made by the company 2.2.1 the company has made the following major corporate announcements during the month of june 01, 2006 to december 18, 2006; table 6: corporate announcements of kslil date ..... these entities have subsequently sold substantial shares thereby benefiting to the tune of rs .....

Sms Holdings Pvt. Ltd. Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Reported in : (2004)49SCL117SAT

..... crossing legal thresholds by acquiring 29.68% of coflexip equity capital; this was a statutory obligation under french company law; (ii) a statement of intent binding for 12 months in which technip declared that: this acquisition of shares from stena was a friendly acquisition of shares which should result in the conclusion of a strategic alliance; it will be represented on the coflexip board of directors by four members out of a total of twelve members; for a period of six-months ..... acquired" "the public announcement referred to in regulation 10 or regulation 11 shall be made by the merchant banker not later than four working days of entering into an agreement for acquisition of shares or voting rights or deciding to acquire shares or voting rights exceeding the respective percentage specified therein" "the public announcement referred to in regulation 12 shall be made by the merchant banker not later than four working days after any such ..... 's allegation that the price of seamec was manipulated by few persons to benefit them, submitted that the appellant is not a person who indulged in manipulation, that he was holding shares even before the price hike and continued to be a shareholder even after ..... the arrangements leading to the allotment of the special share to richemont sa was solely to retain the benefit of the licence agreement for that partnership and for ..... benefit of the licence agreement was the "prima benefit" to be achieved by the creation and allotment of the special share .....

Sebi Vs. Sameer C. Arora

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... suspended by alliance capital from research and portfolio management and that his employment was to come to an end by september 2003.9.28 in connection with the contention of shri samir c arora that he sold the shares in dgl based on analyst's report and not based on any unpublished price sensitive information, it may be pertinent to advert to following events: pursuant to the merger of hewlett packard and compaq worldwide, the ..... shri arora in various scrips on behalf of off-shore funds and acmf is a bare fact and the actual figures relating to such trading incontrovertibly show that the trading pattern of shri arora did benefit the investors of fii/sub-accounts who were the associates of sponsor to the detriment of the unit-holders of acmf.8.5 with regard to the contentions of shri samir c arora regarding market impact ..... of an 'insider' as defined in regulation 2(e) and 2(h) (ii) of sebi (prohibition of insider trading) regulations, 1992, the requirement for sebi to show that any other insider has shared unpublished price sensitive information with shri arora does not arise.9.18 i note that investigations have revealed violations of numerous provisions of sebi act, rules and regulations made thereunder by shri arora. ..... much larger quanities (4 times that of off-shore funds), it is misleading to compare the absolute profits earned by acmf with that of off-share funds and reach a conclusion that acmf benefited more than the off-shore funds.8.25 the funds managed by shri arora (i.e. .....

Sebi Vs. Padmini Technologies Limited and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... detail above that by aiding the allottees (by way of unusual financial accommodation), not only it had violated the provisions relating to preferential allotment but also it had become a party to the subsequent manipulation of the shares of padmini made by the kp entities.therefore it is fairly established that by issuing certificates which were found to be false padmini and its whole time directors have committed the violations of the provisions of 6 (a) ..... or practice which would operate as a fraud upon any person in connection with the purchase or sale of, or any other dealing in any securities.in this context, i note that the preferential shares of padmini which were allotted to kolkata and delhi based allottees were subsequently transferred to the kp entities and were used for manipulating the market by kp entities by artificially creating volumes and price in ..... share certificates had been retained without cancellation even after underlying securities had been dematerialised.3.47 the findings of investigations indicate that padmini facilitated price manipulation of its shares by delay in transfer/ demat of shares and out of turn dematerialisation of shares to the benefit ..... were benefited by massive increase in the share price which enabled them to pledge 14.10 lacs shares @ rs.200/- per share ..... detriment of other investors are shown below: some of the above entities had also actively traded in the shares of padmini and possibly benefited from the out of turn dematerialisation. .....

Hemant S. Sonawala (Huf) by Its Vs. the Chairman, Securities and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... follows:- "regulation 3(1) - nothing contained in regulation 10,11 and 12 of these regulations shall apply to:- provided that the transferor(s) as well as the transferee(s) in sub-clauses (a) and (b) have been holding individually or collectively not less than 5 per cent shares in the target company for a period of at least three years prior to the proposed acquisition; explanation:- the benefit of availing of exemption from applicability of regulations for increasing shareholding or interse transfer of shareholding among.... ..... body in which a group of individuals or corporate bodies or combination thereof who hold 20% or more of the equity capital in that company also hold 90% or more of the equity capital of the "promoter" and (i) any company in which 10% or more of the share capital is held by the "promoter" or a relative of the "promoter" or a firm or hindu undivided family in which the 'promoter" or his relative is a partner or co-parcener or a combination thereof; (ii) any company in which a company specified in (i) above, holds 10% or more ..... mentioned the impugned order dated 4th february 2002 be set aside.in regulation 3(1)(e)(iii)(b) of the 1997 regulations, the words "transferor as well as transferee" have been used in order to indicate that in case of inter se transfer of shares amongst the promotes both the transferor-promoters and the transferee-promoters should have been holding individually not less than 5% in the target company for a period of at least 3 years. .....

Sterlite Industries (India) Ltd. Vs. Securities and Exchange Board of ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

..... not intended to effect transfer of beneficial ownership but intended only to distort the market prices of securities, alone would attract regulation 4(d).in this context he stated that from the factual position it is clear that the shares were purchased at the prevailing market price on delivery basis and it was intended to register in the name of the clients, and not to distort the price mechanism, and therefore it cannot be said that ..... a local indian company made a non negotiated bid to take over an under performing unit of a multinational corporation, that it was but natural that the appellant was expected to make higher profits and benefit immensely from the potential acquisition of indal.he stated that other major factors for price rise could be attributed to re-commencement of commercial production at copper smelter which was closed twice during june-december 1997, ..... according to shri dada there was no reason for the brokers to be a party to the unnatural price propping up for the benefit of the appellant in the alcan war", that the price pep up was done obviously at the behest of the appellant, that the only beneficiary of such manipulation was the ..... advocate, the hon'ble court had held that 'disciplinary authority empowered to conduct the inquiry and to inflict the punishment on behalf of the body, in forming an opinion must be guided by the doctrine of benefit and is under an obligation to record a finding of guilt only upon being satisfied beyond reasonable doubt. .....