Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Shalibhadra Infosec Ltd. (hereinafter referred to as "SIL") was incorporated on April 25, 1994 as a private limited company. It became a public limited company in January 1995. The Directors of SIL as on June 12, 2002 were Raju B. Shah (Chairman), Jitendra R. Doshi, Santosh Gayakwad and Mukesh Vadecha. On January 16, 2002 the company acquired 10,00,000 shares of M/s. Jaisha Holdings Ltd. (hereinafter referred to as "JHL") and in return issued 3,00,00,000 equity shares of Rs. 10 each of SIL at par on preferential basis to the shareholders of JHL (swap ratio - 30:1).2. While the issued capital of SIL is 3,50,00,500 shares, only 50,00,500 shares of SIL are listed on the Stock Exchange, Mumbai ("BSE"), Ahmedabad and Vadodara Stock Exchanges. The shares issued on a preferential basis to shareholders of JHL were not listed. Since SIL did not respond to the various Show Cause Notices issued by the BSE on January 9, 2003 it's application for listing 3,00,00,000 shares issued on a preferent...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2006)2CompLJ151TelecomDSAT
1. Videsh Sanchar Nigam Limited (VSNL) has filed this appeal challenging the Tariff Order of Telecom Regulatory Authority of India (TRAI) dated 8th September 2005, (Telecommunication Tariff [Thirty Ninth Amendment] Order, 2005) whereby TRAI has fixed ceiling tariffs for what are known as IPLC half circuits.2. As mentioned in the Explanatory Memorandum to the said notification, Cable based International Private Leased Circuit (IPLC) offers global connectivity through submarine cable and is stated to be a critical input for the provision of Broadband and Internet Services, International Long Distance Voice Telephony and for a number of key industries like Information Technology (IT) based Business Process Outsourcing (BPO) and Information Technology Enabled Services. These industries play a key role in the economic development of the country and are considered to be quite critical in the future socio- economic development of India. It has therefore been considered important by TRAI that...
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1. The Appellant No. 1 is a society registered under the Societies Registration Act, 1908, and all the private GSM Cellular Operators including the other Appellants herein, are the members of the said Association. Appellants No. 2 to 8 are companies registered under the Companies Act, 1956 and have been issued Licenses by the Central Government under Section 4 of the Indian Telegraph Act to establish, maintain and operate Cellular Mobile Telephone Services in their respective Service Areas.2. Respondent No. 1 is a Regulatory Authority established under Section 3 of the Telecom Regulatory Authority of India Act, 1997 as amended by the Telecom Regulatory Authority of India Act, 2000 (hereinafter referred to as `The Act') and charged with the performance of the functions enumerated under Section 11 of the Act.3. Respondent No. 2 is a Service Provider operating Cellular Mobile and Fixed Services across India except in Delhi Metro and Mumbai Metro.4. When the case came up for initial heari...
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Jog Singh, Member 1. By way of present appeal the appellant is challenging the impugned order dated December 19, 2012 passed by the respondent imposing a penalty of Rs. 2,50,000/- on the appellant under the provisions of Section 15A(b) of the SEBI Act, 1992 read with Regulation 7 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (SAST Regulations, 1997). 2. Briefly stated the facts of the case are that the appellant, namely, SPS Share Brokers Pvt. Ltd. is a company incorporated under the Companies Act, 1956 having its registered office in Mumbai. The appellant is a registered stock broker with membership of Bombay Stock Exchange Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE). 3 A Show Cause Notice (SCN) dated February 27, 2007 came to be issued to the appellant by the respondent pursuant to certain investigations undertaken into the trading in the scrip of Prudential Pharmaceuticals Limited (PPL). It is alleged in the SCN that the appellant fail...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Jog Singh, Member and Presiding Officer (Offg.) 1. The present appeal has been filed by four Appellants who are stated to be the promoters of M/s. Khaitan Electrical Ltd., hereinafter referred to as Company. It was incorporated in 1975 and registered under the Companies Act, 1956. Its registered office is at Hyderabad and it is listed on two exchanges i.e., BSE and NSE. The Company is engaged in the business of manufacturing and marketing of electrical goods. 2. All the four Appellants before this Tribunal are part of the promoter group of the Company and are aggrieved of the action of the Respondent in passing the Impugned Order dated December 31, 2012 hereinafter referred to as Impugned Order, against them for the alleged failure to make a public announcement within the stipulated time as required under the provisions of regulations 10 and 11(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, hereinafter referred to as SAST Regulations, 1997, in respe...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Jog Singh, Member The instant appeal is filed by Maitreya Services Private Limited and two of its directors (Appellants) against order dated March 25, 2013 (Impugned Order) passed by SEBI (Respondent) holding that the Appellants are carrying on business activities in the nature of collective Investment Schemes (CISs) without being registered with the Respondent as required under the provisions of the SEBI (Collective Investment Schemes) Regulations, 1999 (CIS Regulations). The Impugned Order directs the Appellants to wind up their schemes and refund all monies collected from investors along with returns payable as per the terms of offer within three months from the date of the Impugned Order, along with a winding up and repayment report to SEBI in accordance with the CIS Regulations. 2. Brief facts leading to the dispute are that Appellant No. 1, Maitreya Services Private Limited, is a Company incorporated under the Companies Act, 1956 purportedly engaged in the business of real estate...
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Reported in : (2003)41SCL47SAT
1. This appeal is against the order made by the Adjudicating Officer on 31.1.2002 imposing monetary penalty against the Appellants, holding them guilty of violating the provisions of sections 15A and 15H of the Securities and Exchange Board of India Act, 1992 (the Act) read with regulations 7(1) and 11 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the 1997 Regulations). The impugned order is in respect of the acquisition of nine lakh shares of Aftek Infosys Ltd. (the company) from the Industrial Development Bank of India (IDBI) some time in November, 1999. The said nine lakh shares account for 15.68% of the total shares of the company. The Appellants are the promoters of the company. According to the Adjudicating Officer, since the acquisition of the said shares by the Appellants was in excess of the 5% bench mark provided in regulation 11(1), public announcement to acquire shares from other shareholders of the c...
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1. The present appeal is against the order dated 19.7.2001 made by the Chairman of Respondent No.1, disposing of a complaint filed by Shri Ashwin Doshi & others. relating to acquisition of shares/alleged taking over of control of Associated Cement Companies Ltd.( Respondent No.11) by Gujrat Ambuja Cement Ltd., and Ambuja Cement Holdings Ltd., (Respondent No. 4 and 5 respectively. ) 2. The Appellants are stated to be shareholders in Respondent No.11.They claim to be aggrieved by the order made by SEBI on 19.7.2001 3. Respondent No.1 (SEBI) is a statutory body established under the provisions of the Securities and Exchange Board of India Act, 1992 (the Act), mandated to protect the interests of investors in securities and to promote the development of, and to regulate the securities market by such measures as it thinks fit. Respondent No.2 is the administrative Ministry of Government of India, of the Respondent No.1. Respondent No.3 (IDBI) is a public financial institution and the l...
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Reported in : (2003)42SCL227SAT
1. JM Morgan Stanley Private Ltd.,(the merchant banker) on behalf of the Appellants issued a public announcement in terms of regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the 1997 Regulations). The public announcement was addressed to the shareholders of Larsen and Toubro Ltd., (the target company) offering to purchase 497,32,070 fully paid up equity shares, representing upto 20% of the paid up capital of the target company. The offer price was quoted at Rs. 190/- per share.The public announcement was made on 14.10.2002.2. The background of the offer has been explained in the draft offer letter. On 18.11.2002, first Appellant acquired 2,50,00,000 equity shares, aggregating 10.05% of the voting share capital of the target company at a price of Rs. 306.60 per share. The acquisition was made in November 2001. First Appellant and its wholly owned subsidiary viz.Samruddhi Swastik Trading and Investments Ltd,...
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1. Sound Craft Industries Ltd. (herein after referred to as SIL) was incorporated on 22.01.1985 with Registered and Corporate Office at Narayan Building, 23, Lakhamshi Napoo Road, Dadar (East), Mumbai - 400 014. As per the Annual Report and other records submitted by the company, it has been stated that SIL is mainly engaged in the business of exporting diamonds, precious stones, granites, computer software and hardware (CD Roms), electronics etc., to the Middle East, West Asian and African Countries. Shri Rajkumar Chairai Basantani (hereinafter referred to as "Shri Basantani") is the chief promoter of SIL along with his wife Ms Seema Basantani. SIL was earlier known as Sound Craft Marketing Products and Finance Limited.2. As per the Distribution Schedule submitted to the Stock Exchange during the year 1999 - 2000, the Board of Directors of SIL comprised of the following persons: SIL follows a July to June accounting year. As per the Annual Report of SIL for the financial year ended 3...
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