Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. The present appeal is directed against the order dated 16-7-2001 made by the Chairman, Securities and Exchange Board of India, the Respondent No. 1 (SEBI). In the said order, the SEBI had held that the Appellant and Modipon Ltd., apart from being promoters of the Respondent No. 2 (MRL) were also acting in concert with the acquirers and directed that the Appellant and the said Modipon Ltd. shall not be eligible to participate in the public offer to the shareholders of MRL by the acquirers, vide letter of offer dated 30-5-2001. Modipon filed a Writ Petition No. 1536 of 2001 in the Hon'ble Bombay High Court challenging the legality and validity of the said order. The Hon'ble High Court disposed of the said Writ Petition vide its order dated 23-7-2001 inter alia observing that the proper course for the petitioners would be to exhaust the remedy of statutory appeal provided in the Securities and Exchange Board of India, Act 1992 ('the Act').The said company filed an appeal No. 34 of 200...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. The Appellant is a Depository Participant (DP) registered with the Securities and Exchange Board of India ( Respondent No. 1 SEBI) under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 (the DP Regulations). The Appellant has been granted separate registrations to act as DP in National Securities Depository Ltd., (Respondent No. 2 - NSDL) and Central Depository Services Ltd., (CDSL). The Appellant is also a registered member of the National Stock Exchange of India Ltd. (NSE), the Calcutta Stock Exchange (CSE) and the Stock Exchange at Mumbai (BSE). The certificates of registration to act as DP in NSDL and CDSL were granted on 17.3.1997 and 27.12.1999 respectively. The registration is valid for a period of five years. But it is renewable. Since the currency of the Appellant's registration as DP in NSDL was to be over by 18.3.2002, it applied for renewal. Respondent No. 1 renewed the registration subject to certain conditions and communicat...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Ind Swift Ltd, Essix Financial Services Ltd, Mukur Pharmaceutical Co. Pvt Ltd and Swift Formulations Ltd(hereinafter collectively referred to as the `Acquirers) propose to acquire 20,00,000 equity shares of Ind Swift Laboratories Ltd (hereinafter referred to the `Target company) by way of preferential allotment. The Acquirers are a part of promoter group of the Target company and alongwith other promoters hold 23.23% equity share capital of the target company. As a result of the proposed acquisition, the Acquirers have to make an open offer to the public shareholders of the Target company in terms of sub regulation (1) of regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as "the Regulations").1.1 The shares of the Target company are listed at the Mumbai Stock Exchange, Delhi Stock Exchange, Ludhiana Stock Exchange and The National Stock Exchange.2. The Acquirers made an application dated 13.01.03 under sub-regulation ...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.0 M/s. Anand Rathi Securities Pvt. Ltd. (hereinafter referred to as ARSPL) is a member of The Stock Exchange, Mumbai (BSE). ARSPL is also registered as a stock broker with The Securities and Exchange Board of India (hereinafter referred to as "SEBI") and holds a certificate of registration bearing number INB 11121754.2.0 M/s. Amara Raja Batteries Ltd. (hereinafter referred to as ARBL), a public limited company came out with a public issue in January 1991.Thereafter, the share of ARBL was listed on BSE, National Stock Exchange of (I) Ltd. (NSE), Hyderabad Stock Exchange Ltd.(HSE) and Calcutta Stock Exchange Association Ltd. (CSE). During August 2000 to March 2001 severe fluctuation in the price of the scrip of ARBL was observed and certain complaints were received by SEBI regarding market manipulation /irregularities in the scrip of ARBL.2.1 Based on the above, SEBI conducted a detailed investigation into the trading in the scrip of ARBL. The investigations revealed that Shri Harinar...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.0. JCT Ltd (hereinafter referred to as "the target company") is stated to be one of the group companies controlled by M. M. Thapar Group. Shri. M.M. Thapar is stated to be the Chairman and Managing Director of the M.M.Thapar Group of companies. Provestment Securities Pvt. Ltd. (PSL) (hereinafter referred to as "the acquirer") is an unlisted private limited company and is also stated to be part of the M. M. Thapar Group. The acquirer proposes to acquire 4,23,72,972 (12.33%) equity shares and voting rights of the target company. On behalf of the acquirer, Shri. M. M. Thapar the Chairman and Managing Director of the M M Thapar Group of Companies submitted an application dated September 22, 2003 to the Securities and Exchange Board of India (hereinafter referred to as "SEBI") seeking exemption from complying with the provisions of regulations 10 and 12 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as "the said Regulations").2.0. In ...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Aftek Infosys Limited (hereinafter referred to as 'Aftek') is a company engaged in computer hardware and software engineering. Aftek was incorporated on 25th March 1986 as a private limited company which went public with its initial public offering in 1995. The promoters of Aftek are Shri Ranjit Mohan Dhuru, Shri Pramod Broota, Shri Nitin Kashinath Shukla, Shri Sandip Save, Shri Ashutosh Humnabadkar, Shri Ravindranath Umakant Malekar, Shri Mukul Suryakant Dalal and Shri Charuhas Vasant Khopkar.2. The share price of Aftek witnessed marked increase during the period April 1999 to March 2000 on the BSE. In particular, the increase in prices was highly pronounced in November/December 1999. The price of share increased from Rs. 477.5 on November 12, 1999 to Rs. 1108.2 on December 3, 1999. This sharp increase of more than 100% in such a short period of time coincided with some significant corporate events during this period.3. Having been satisfied that there was a prima-facie case for i...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Integrated Enterprises (India) Ltd. (hereinafter referred to as "IEL") was registered as Registrar and Share Transfer Agent (Category 1) with effect from 1.11.1994 and the registration was valid till 31.10.2003. Securities and Exchange Board of India (hereinafter referred to as "SEBI") issued a Certificate of Registration to Integrated as a Stock Broker under the (Stock Brokers and Sub Brokers) Regulations 1992 with effect from 20.11.1998. Integrated was also issued a Certificate of registration (Registration No.IN-DP-NSDL-83-99) dated 22.02.99, as Depository Participant (in broker category) of National Securities Depositories Limited (NSDL) under the SEBI (Depositories and Participants) Regulations 1996 (hereinafter referred to as "the said Regulations") with effect from 22.02.1999 which was valid till 21.02.2004.2. SEBI vide its letter dated August 31, 2001 advised IEL to stop accepting any fresh business and opening of fresh accounts, since the aggregate value of the custody hol...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. The shares of Vatsa Music Ltd. (hereinafter referred to as 'VML') were listed for trading on NSE. NSE observed the following with respect to the trades in the company's shares : 2. NSE also observed that certain entities suspected to be associates of Vatsa group had dealt in the scrip during the above period. Looking into the price variation and traded volume, NSE concluded that the spurt in the price, accompanied by thin trading and the significant participation of entities close to the Vatsa group in the trading indicated that reasons other than fundamentals may have contributed to the spurt in price.3. Further, during the period March 01, 2000 to April 04, 2000 the scrip was seen to be touching the daily upper price band of 8% with just one trade per day. In view of the above, NSE noted that certain entities, suspected to be associates of VML, may be attempting to artificially increase the price of the scrip. The scrip was placed under suspension by NSE from April 5, 2000 onward...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. M/s. Janata Sahakari Bank Ltd, Pune (hereinafter referred to as "the DP") is a State Co-Operative Bank included in the Second Schedule of the Reserve Bank of India act, 1934 (2 of 1934) and registered with Securities and Exchange Board of India (hereinafter referred to as "SEBI") under Certificate of Registration NO.INB IN-DP-NSDL-26-97, operating as such from June 1996, having registered office at 1444, Shukrawar Peth, Thorale Bajirao, Pune - 411 002.2. Inspection of books of accounts of the DP was undertaken by a SEBI appointed CA firm, M/s. Batliboi and Purohit, during October-November, 2002. The following violations, deficiencies and lapses were observed during inspection: Opening beneficiary accounts despite SEBI's directions to the DP to not open any new accounts. B. Improper issuance and execution of delivery instruction slips (DIS).3. The observations and irregularities observed in the DP's operations were communicated to the DP vide letter dated January 14, 2003 and the DP...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2005)60SCL484SAT
2. The appellant challenges the order passed by the respondent dated 15th of November 2002. The impugned order directs the appellant to make a public offer to the shareholders of the target company taking into account 3.10.1997 as the reference date and directs the appellant to pay interest @ 15% per annum on the offer price from 1.2.1998 till the date of actual payment as the appellant violated regulations 10 and 12 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.3. Aggrieved by the above order, the appellant has preferred this appeal.4. The facts very briefly are that Shri Kishore H. Patel, Shri Naresh H. Patel and others (hereinafter referred to as "the original promoters") collectively held 39.02% shares in the equity capital of Gujarat Foils Ltd. (hereinafter referred to as "the target company").Of this, 11.94% was held by the three investment companies, viz., Rutvi Investments Pvt. Ltd., Bindi Investments Pvt. Ltd. and Kanig Investments Pvt. Ltd. ...
Tag this Judgment!