Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2005)128CompCas348
1. The appeal was taken up for final disposal with the consent of parties.2. The appellants had made a public announcement on April 10, 2002 for acquisition of shares in Hindustan Zinc Limited (hereinafter referred to as HZL or the target company) pursuant to the appellants participation in the Government of India Public Sector Disinvestment Programme. Since HZL was a listed company, the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter 'Takeover Code') were attracted and a letter of offer, pursuant to the public announcement was issued to all the share holders of the target company as required under the Takeover Code. The shareholders who tendered their acceptance in response to the appellants' open offer included the following 9 persons, not resident in India. 3.Metdist India Holdings OCB 7,208,535 Ltd. 8.Anuja Rohit Wariawalla NRI 500 alias Anuja Kaushik Sheth It is common ground that the entire...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2005)64SCL468SAT
1. The appeal is taken up with the consent of the appellant who has in his letter of 1st June, 2005 requested the Tribunal to dispose of his appeal on merits based on the available material. The appeal is taken up in the presence of the representative of SEBI, Ms. Anjali.2. The appellant is a broker registered with Bangalore Stock Exchange.The appeal is against the order of the Adjudicating Officer, SEBI dated 24/11/2004, the operative portion of which reads as under: "5.01. The submissions of the member have been considered and dealt in detail as above and in view of the findings arrived at, I consider it to be a fit case for imposition of penalty under sections 15 B and 15F(b) of the SEBI Act, 1992. In view of the same and in exercise of the powers conferred under section 15-I(2) of the SEBI Act, 1992, read with, Rule 5 of the said Rules, I hereby impose a penalty of Rs. 50,000/- (Rupees Fifty Thousand only) on the member. The member shall pay this amount of penalty of Rs. 50,000/- ...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2006)68SCL20SAT
2. The appellants challenge the order of the Adjudicating Officer of SEBI in imposing a penalty of Rs.2 lakhs against the appellants by order dated 29.10.2004.3. It is alleged that the appellants, while acting in concert, violated Regulation 3(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as 'Regulations'). In respect of acquisition under clauses (e), (h) and (i) of Sub-regulation (1), the stock exchange where the shares of the company are listed shall, for information of the public, be notified of the details of the proposed transactions at least 4 working days in advance of the date of the proposed acquisition, in case of acquisition exceeding 5 percent of the voting share capital of the company.There is a reference to the provisions of Regulation 3(1) in Regulation 3(3), as it then was. Regulation 3(1) reads as under: 3. (1) Nothing contained in Regulations 10, 11 and 12 of these regulations shall apply to : (a) allotmen...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 M/s Trust House Securities Ltd. (hereinafter referred to as the 'broker') is a member of the National Stock Exchange (hereinafter referred to as 'NSE') and is registered with the Securities and Exchange Board of India (hereinafter referred to as 'SEBI') as a Stock broker under Section 12 of SEBI Act, 1992 with Registration Number INB230771930.1.2 An Inspection of the Books of Accounts, Documents and other records maintained by the broker was carried out by M/s. Patni & Co., Chartered Accountants appointed by SEBI for the period 1.4.2000 to 30.09.2001.During the Inspection, certain irregularities found to have been committed by the broker were observed.2.1 Inspection Report was forwarded to the broker on completion of inspection. After considering his reply, an Enquiry Officer was appointed vide order dated 13.11.2003 under Regulation 5(1) of SEBI (Procedure for Holding enquiry by enquiry officer and imposing penalty) Regulations, 2002 (hereinafter referred as the 'said regulat...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 The facts giving rise to the present proceedings in brief are stated below. A public announcement under Regulation 11(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the Takeover Regulations) was made on August 21, 2003 by Andavar Investments Pvt Ltd, Subramanian Investments Pvt. Ltd, Valliammai Investments Pvt. Ltd. and Ramanathan Investments Pvt. Ltd. (hereinafter collectively referred to as the acquirers) to acquire 7,42,560 equity shares of SRP Tools Ltd. (hereinafter referred to as the target company). The shares of the target company were listed on the Madras Stock Exchange Ltd. (hereinafter referred to as MSE). The acquirers were part of the promoter group of the target company and together with persons acting in concert, they were holding 74.998% of the paid up equity share capital of the target company at the time of the aforesaid public announcement. The said 7,42,560 equity shares (25.002% of the voting share ca...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 M/s. Mega Millennium Securities Pvt. Ltd. (MMS) is a company incorporated under the provisions of the Companies Act, 1956 and located at 9, Ratan Palace, Garodia Nagar, Ghatkopar (E), Mumbai. MMS was registered with SEBI as a sub-broker (INS 1837230 & INS 11591935) of Bombay Stock Exchange Ltd. (BSE), and as a sub-broker (INS 231095436) of National Stock Exchange (NSE). Mr. Swaminathan Mahalingam; PAN No. - AAFPM6917K and Mr. Pradipta Chatterjee PAN No. - AABPC1915H are the directors of MMS. They are also directors of M/s Mega Millennium Investment Pvt. Ltd. (MMI) PAN No. AACCM2295C, a company incorporated under the provisions of the Companies Act, 1956 and located at 28/29, Vikas Co-op. Producers Society, Shah Industrial Estate, Deonar, Govandi, Mumbai. MMI is registered with SEBI as a stock broker (INB 241129130) of Inter-connected Stock Exchange of India (ISE), as Sub-Broker (INS 23697034) of NSE & (INS 12042433) of BSE affiliated to ISE Securities & Services Ltd (I...
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1. Noticing unusual price movement in the scrip of Padmini Technologies Limited (for short Padmini), the Securities and Exchange Board of India (hereinafter called the Board) ordered investigations with a view to ascertain the role of the former, the role of its directors and other entities and to look into the possible violations inter alia of the provisions of the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market), Regulations 1995 (for short the Regulations) in respect of the said price movement. Investigations revealed that Padmini had allotted on June 20, 1999, 1,80,000,00 shares to two sets of allotees one belonging to Kolkatta and the other to Delhi and they will hereinafter for the sake of convenience be referred to as Kolkatta allottees and Delhi allottees respectively. The investigations further revealed that Padmini had allotted preferential shares to these allottees without actual receipt of applicati...
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Per: N. K. Sodhi, Presiding Officer (Oral) 1. Aditya Birla Finance Limited, the appellant herein is a non-banking finance company registered with the Reserve Bank of India and engaged in the business of providing credit facilities to its clients. It shall be referred to hereinafter as the lender. It provided a loan facility to Mentor Capital Limited, the second respondent which was formerly known as Pacific Corporate Services Limited. This respondent shall be referred to hereinafter as the borrower. The borrower entered into a loan agreement with the lender on June 2, 2010 and several other security related documents had been executed between them. As per this agreement the borrower could purchase and sell any securities which were approved by the lender only through a broker approved by the latter. It was also stipulated between the lender and the borrower that the latter shall maintain a designated demat account with an approved depository participant. It is common ground between the...
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1. SKDC Consultants Ltd., the Appellant herein, is a public limited company registered on 18.2.1998. It is a category 1 Registrar to an Issue and Share Transfer Agent. As per the Memorandum of Association submitted by the Appellant for the purpose of registration before the Registrar of Companies, Coimbatore, one of the main objects to be pursued by it on incorporation was to take over as a going concern, 'Shreekrishna Data Centre, Coimbatore', engaged in the business of Registrars to Issue/Share Transfer Agents. The said Shree Krishna Data Centre, (SKDC) was a sole proprietary concern of one Mrs. Padma Sreedharan. SKDC was holding a certificate of registration from SEBI to act as a category I Registrar to an Issue and Share Transfer Agent.Though the original registration was valid for a period of 3 years from 16.12.1994 to 15.12.2997 the same was renewed for a further period of 3 years i.e. from 16.12.1997 to 15.12.2000. Consequential to the acquisition of SKDC by the Appellant, SEBI...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
"(1) That the exemption granted by SEBI vide its order dated 7th March, 2001 to the Acquirer Company for acquiring 50.7296 shareholding of DSM in the Target Company be set aside. (2) That the Target Company be restrained from giving effect to the DSM proposal of transfer of shares and control over the company to the Acquirer Company. (3) That the shareholders' meeting convened by the Target Company to be held on 9th May, 2001 be declared null and void. (4) That DSM be directed to offer the transfer proposal to the Appellant Corporation on the same terms on which the offer has been made to the Acquirer Company subject to the approval of the Board of Directors of the Appellant Corporation. (5) That such other orders be passed as the Hon'ble Tribunai may deem fit and proper in the matter." Pending final decision of the appeal, the appellant has inter alia sought the following interim orders-- (i) injunction against the holding of shareholders' meeting by respondent No. 4 scheduled to be ...
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