Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... voting rights by an acquirer. in this regard it will be pertinent to advert to the judgement of hon'ble supreme court in reserve bank of india vs. peerless general finance and investment co. (1987) 1 scc 424 wherein it has , interalia , been observed that "interpretation must depend on the text and the context. they are the ..... any company) "no acquirer shall acquire shares or voting rights which (taken together with shares or voting rights, if any, held by him or by the persons acting in concert with him), entitle such acquirer to exercise [fifteen] percent or more of the voting rights in a company, unless such acquirer makes a public announcement to ..... any transactions directly relating to the u.s. void or voidable (the "required consents") shall have been obtained and all applicable waiting periods specified under the hsr act shall have been lapsed or been terminated." once the above contingency had been satisfied, the transaction was to proceed in three separate steps as set out in section .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... the ahmedabad stock exchange.1.3 tata industries limited (hereinafter referred to as the 'acquirer') is part of the tata group and one of the promoters of tata finance limited (hereinafter referred to as 'erstwhile transferor'). the erstwhile transferor was amalgamated with tata motors limited (hereinafter referred to as 'tml') in accordance with the scheme of ..... regulations.6.1 in view of the above findings, i, in exercise of the powers conferred upon me under section 19 of the securities and exchange board of india act, 1992, read with regulation 4(6) of sebi (substantial acquisition of shares and takeovers) regulations, 1997, hereby grant exemption to the acquirer, from complying with regulation ..... 1.1 india emerging companies investment ltd. (hereinafter referred to as 'the target company') is a public limited company incorporated under the companies act, 1956, having its registered office at bezzola complex, v.n purav marg, chembur, mumbai - 400 071.1.2 the equity shares of the target .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... by them directly in the public issue and the financiers were holding these shares as mortgagees or pledgees. the patna high court's decision in arjun vs. central bank or the andhra pradesh high court's decision in narasayyamma vs. andhra bank relied upon by id. counsel, has no application to the instant case. ..... accruing on the said shares also accrue to the mortgagee either towards part satisfaction of the mortgage debt or otherwise. patna high court's decision in arjun vs.central bank of india (1954) 34 ilr 8) was cited in support of this contention. alternatively, he submitted that if for any reason it is held that ..... guilty of contravening the statutory provisions relating to substantial acquisition of shares.2. the appellant company viz. m/s. fascinating leasing & finance pvt.ltd. is a private limited company registered under the companies act, 1956 with the main object of carrying on non-banking financial business. the appellants acquired about 67% in the equity share capital .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... a construction which advances this object should be preferred rather than one which attempts to find a way to circumvent it. in the case of rbi v. peerless general finance & investment co.ltd [19961 20 cla 195/airi 996 sc 646 the supreme court has observed as under: 'it would, thus, appear that section 4sk(3) ..... in. that is what section 73 provides for. there is hardly any way to escape from this liability. the rate of interest @15% is prescribed by the central government as provided under section 73(2), not arbitrarily decided by the respondent.80. the learned representative of the appellant bank of baroda had urged that since the ..... following provision of the regulations: " a banker to an issue shall abide by the provisions of such acts and rules, regulations, guidelines, resolutions, notifications, directions, circulars and instructions as may be issued from time to time by the central government, the reserve bank of india, the indian banks association or the board as may be applicable and .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... order that the respondent had received certain allegations against the activities public issues made by certain companies viz. (i) karan finance ltd. (kfl); (ii) mahanivesh (india) ltd. (mil); (iii); geefcee finance ltd. (gfl); and (iv) kalyani finance ltd. (kal). sungrow datas of pvt. ltd. (sdpl) formerly known as the elite computer technics pvt. ltd. ..... defined.those words which are to be understood in the literary sense are not defined. since the expressions 'direction/order' have not been defined in the act, these words have to be understood in the literary sense.according to the commonly accepted standard dictionaries the expressions 'direction' and 'order' are synonymous, ..... for appeal by any person aggrieved by an order of the board to the central govern- ment. by the amendment effected to 15t of the act, in december, 1999 only the forum of appeal has been shifted from central government to the tribunal. several appeals challenging directions issued by the respondent under section .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... cash segment, payment of margins, building up further positions in carry forward etc. the delivery of shares received was also utilised for raising finances by doing share badla. it was found that damayanti group/shri harshad mehta acting through a set of brokers built up large concentrated positions in the scrip. this positions was around 40 per cent of the total positions ..... ) (p.) ltd. v.state of maharashtra air 1975 sc 1549, while considering the question as to whether the assessee under the central sales-tax act, 1956 could be made liable for penalty under the provisions of the state sales-tax act, had considered the power to impose penalty. it had held : "...it is a well settled cannon of construction of statutes that neither .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto". section 3 of the act empowers the central government to establish a board by the name of the securities and exchange board of india, with a chairman and five members. the board is in ..... . the offer therefore was turned down. i understand that the said broker had also sent five crore worth of shares of money television ltd to sanyo finance. sanyo finance is a partnership firm belonging to the bpl group set up to manage media business". to another question as to "who made the offer for sale ..... that the appellant is engaged in the manufacture and marketing of consumer electronic products like colour tvs, home appliances, telecom products, etc. where as bsfl is a finance company engaged in the business of leasing, hire purchase, bill discounting, investment etc. he submitted that shareholding pattern of both the companies are distinct, that the .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto". section 3 of the act empowers the central government to establish a board by the name of the securities and exchange board of india, with a chairman and five members. the board is ..... companies. shri dada stated that this indicates shri hegde's whole time assignment with videocon group. to another question with reference to his description as "the finance controller of videocon international ltd (vil)" on his business card and his "exact status in the appellant company" shri hegde had stated that he looked after ..... nse in cash segment, payment of margins and building up further positions in carry forward segment. the delivery of shares received was also utilised for raising finances by doing share badla. thus, through this modus operandi, substantial portion of traded stock of the appellant company was cornered by damayanti group/shri harshad mehta .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... ) pvt. ltd v. state of maharashtra (air 1975 sc 1549) , while considering the question as to whether the assessee under the central sales tax act, 1956 could be made liable for penalty under the provisions of the state sales tax act, had considered the power to impose penalty. it had held: " it is well settled canon of construction of statutes that neither a ..... submission before the respondent in the enquiry proceedings that: "i may further state that late shri u. n. gandhi introduced himself to me as mba (finance), and in the prospectus also he was shown as mba (finance). when it came to my knowledge that late shri gandhi was not mba i, without disclosing my name brought this fact to the notice of .....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... after concluding the contract. she submitted that the fact of debarring the broker is only an alibi, that even though the appellant claims that triumph international finance india ltd., had allegedly failed to deliver contracted quantum of shares, still the appellant was transacting business with triumph securities ltd., a close associate of the ..... the appellant entered into a contract for purchase of 25,00,000 shares of dsq biotech ltd., (dsq biotech) through a registered broker viz. triumph international finance india ltd., on 4th january, 2001, which accounted for 11.10% of the company's share capital. according to the appellant, though it paid the purchase ..... of india (air 1990 sc 1277), while considering the challenge to the validity of the notification issued by the central government in exercise of its powers under sub section 3(c) of the essential commodities act, 1955, fixing the price of levy sugar. in that context the court had held:--------"......the expression "having regard to .....
Tag this Judgment!