Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Greaves Ltd, English Indian Clays Ltd, Deoria Sugar Mills Ltd, Shree Sitaram Sugar Company Ltd and New Savan Sugar & Gur Refining Company Ltd (hereinafter referred to as "the target companies") are stated to be controlled by Shri Brijmohan Thapar. DBH International Pvt. Ltd, Karun Carpets Private Ltd, Solaris Chem Tech Ltd, Solaris Holdings Ltd (hereinafter referred to as "the acquirers") are also stated to be controlled by Shri Brijmohan Thapar. On behalf of the acquirers, Shri Brijmohan Thapar submitted an application dated 6th October, 2003 to the Securities and Exchange Board of India (hereinafter referred to as "SEBI") seeking exemption from complying with the provisions of regulations 10, 11 and 12 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as "the said regulations") in respect of acquisition of 1,16,79,473 (26.16%) equity shares and voting rights of Greaves Ltd, 15,75,762 (35.26%) equity shares and voting rights o...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. CMM Broadcasting Network Ltd now known as Aastha Broadcasting Network Ltd is a company in the business of television broadcasting.Aastha is broadcasting two digital satellite television channels under the name of Aastha and Aastha Music. The channels are received both in India as well as abroad.2. SEBI has been conducting investigation into the affairs relating to the buying, selling and dealing in securities of CMM Broadcasting Network Ltd. The company was earlier known as Trimline Investment Company Ltd. Investigation was commenced after BSE made a reference to SEBI regarding preferential allotment of a large number of shares by company to related entities and that the preferential allotment was much in excess of the existing capital of the company of 7 lakh shares.3. Investigations have revealed that CMM Broadcasting Network Ltd (hereinafter referred to as the company) allotted 93,00,000 shares at Rs. 10/- each on preferential allotment basis on 14/8/2000. A total of 51,00,000 s...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Reported in : (2005)58SCL230SAT
2. The appellants are husband and wife and they have been debarred from associating, buying, selling or dealing in securities directly or indirectly for a period of one year by an order passed by the respondent dated 6.5.2004. Aggrieved by the order of the respondent the appellants have preferred this appeal. There was a company known as Magic Trading and Agencies Ltd. (hereinafter referred to as MTAL). This company was listed in the Stock Exchange, Mumbai. It was basically an investment company. The scrip of the company was not actively traded and between the years 1998-99, there were only three trades for a total volume of 900 shares.3. In February 2000, the first trade was noticed at the price of Rs. 28.25. The price of the scrip slowly fell from Rs. 28.25 in February 2000 to Rs. 9 by the end of August 2000. The scrip never witnessed any upward movement.4. The Registrar of Companies, Chennai received certain complaints alleging that MTAL was taken over by name QPRO IT Services Pvt....
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 Rolta India Ltd. (hereinafter referred to as Rolta) is a company engaged in providing CAD/ CAM/ GIS solutions and services, having, as on December 31, 2001, a paid up capital of Rs. 63.69 crores comprising 6,39,92,695 equity shares of Rs. 10/- each listed on BSE, NSE, Calcutta and Ahmedabad Stock Exchanges. In July 2002, an article which appeared in one of the financial websites, referred to improper accounting of certain transactions in the annual accounts of Rolta for the year ended December 31, 2001. According to the analysis presented in the article, sales turnover of Rolta for the year 2001 included an amount of Rs. 76.03 crores being the cost of self assembled and/ or integrated capital equipment transferred to company's internet service provider/ export division. The same had been capitalised as computer plant under fixed assets. It was also stated that the company had included the transaction in cash flow statement to disguise it as cash sales.1.2 The company, in turn, had...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 Delhi Stock Exchange (hereinafter referred to as "DSE") vide letter dated 3rd May 2001 informed the Securities and Exchange Board of India (hereinafter referred to as "the SEBI") that Jay -Yushin Ltd (hereinafter referred to as "Target Company") had issued 2, 93, 500 equity shares representing 7.59% of the total paid up capital of Target Company on preferential basis to foreign collaborator, Ushin Limited (hereinafter referred to as "the Acquirer"). Pursuant to this acquisition, the Acquirer's shareholding went up by 6.17% from 18.33% ( pre-preferential ) to 25% ( post-preferential ) triggering the provision of Regulation 11(1) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as "the Regulations"). Such preferential allotment was exempted from the applicability of Regulations 10, 11 and 12 in terms of Regulation 3(1)(c) of the Regulations. DSE had pointed out that the Target Company has not forwa...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 Ramco Industries Ltd. (promoter company of Rajapalayam Mills Ltd - hereinafter referred to as RML) submitted to SEBI a report dated August 27, 2003 under Regulation 3(4) of SEBI (Substantial Acquisition of shares and Takeovers) Regulations 1997 (hereinafter referred to as "Takeover Regulations") claiming exemption for acquisition of 4,00,000 equity shares of Rs. 10/- each representing 11.39% of the enhanced voting capital of the Rajapalayam Mills Ltd. (hereinafter called the Target Company) on August 21, 2003, pursuant to conversion of warrants allotted on May 10, 2002 on preferential basis. It was then observed that S/Shri P R Ramasubrahmaneya Rajha and Shri P R Venketrama Raja (also belonging to promoter group) had also similarly acquired 50,000 equity shares each representing 1.42% of the enhanced voting capital of the Target Company on August 21, 2003. As a result of the said acquisition the collective shareholding of Ramco Industries Ltd and Sarvashri P R Ramasubrahmaneya Raj...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1.1 M/s. D. B. (International) Stock Brokers Ltd. (hereinafter referred to as "the broker") is a member, National Stock Exchange, having SEBI Registration No. INB230643233.2.1 Pursuant to an inspection of the books of accounts, records and other documents of the broker, an Enquiry Officer (EO) was appointed vide SEBI Order dated 29th January, 2003 under Regulation 28(1) of SEBI (Stock Brokers and Sub Brokers) Regulations, 1992 to enquire into the alleged contraventions observed during the inspection of books of accounts of the broker. The EO submitted his report on 10.06.04, recommending censure stating that the irregularities were of technical nature and such deficiencies/ lapses could be rectified.2.2 The Enquiry Officer did not find the broker guilty of the violations as alleged in the inspection report such as failure to maintain duplicate copies of contract notes, failure to maintain client database i.e. agreements and registration forms, dealing with unregistered sub broker and ...
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1.1 DLF Limited (hereinafter referred to as the target company) is a company incorporated under the Companies Act, 1956, having its registered office at DLF Shopping Mall, 3rd Floor, Arjun Marg, DLF City, Phase-I, Gurgaon 122002. The equity shares of the target company are listed on the National Stock Exchange of India Ltd. (NSE) and the Bombay Stock Exchange Ltd. (BSE) 1.2 Mr. Kushal Pal Singh, Mr. Rajiv Singh, Ms Pia Singh, Ms Renuka Talwar, Ms Indira K P Singh, Ms Kavita Singh, Macknion Estates Private Limited, Buland Consultants & Investments Private Limited, DLF Investments Private Limited, Haryana Electrical Udyog Private Limited, Kohinoor Real Estates Company, Madhur Housing and Development Company, Megha Estates Private Limited, Panchsheel Investment Company, Rajdhani Investments & Agencies Private Limited, Sidhant Housing and Development Company, Yashika Properties and Development Company, Vishal Foods and Investments Private Limited, Mallika Housing Company, Raisina ...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Per: P. K. Malhotra, Member 1. The appellant before us is a company registered under the Companies Act, 1956 and its shares are listed on the Bombay Stock Exchange Limited (BSE), Calcutta Stock Exchange and Delhi Stock Exchange since 1992. The appellant company was incorporated in the year 1989 in the name of Sarla Gems Limited and its name was changed to Kalpena Plastiks Limited in the year 2009. It was initially engaged in the business of marketing and exporting of gems and jewellery which was reportedly diversified into activities relating to export, buying and selling of synthetics, resins, rubbers and plastics. 2. With a view to raise its resources, the appellant decided to issue 32,60,035 equity shares of Rs.10/- each for cash at par, on preferential basis to the promoters of the company i.e. 12,60,035 equity shares to M/s. Tara Holdings Private Limited and 20,00,000 equity shares to Kalpena Industries Limited. A resolution was passed to this effect in the extra ordinary general ...
Tag this Judgment!Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
1. Securities and Exchange Board of India (hereinafter referred to as SEBI) had ordered an investigation into the dealings of Snowcem India Ltd (hereinafter referred to as SIL) covering the period from June 1999 to August 1999. During the course of investigation, it was noticed that Kosha Investments Ltd (hereinafter referred to as KIL)had purchased / acquired substantial quantity of shares of SIL (Target Company) from the secondary market. 2. KIL had traded in the scrip of SIL through various brokers of NSE and BSE during the investigation period. The dealings of KIL, as stated in its letter dated 17th April 2002, in the scrip of SIL with various brokers of BSE and NSE, are mentioned as under: Bishwanath M Jhunjhunwala (BSE) 11 2,900 12 13 14 15 900 16 53,300 17 5,000 18 48,000 19 Total - 1,00,000 15 16 17 18 47,900 19 Total Triveni Management Consultancy Services Ltd. (NSE) 26 39,000 27 28 GA-18 45,000 1,25,000 29 Total 3,01,500 110000 25 26 A/16 27 28 29 SPOT/99 /03 Total 27 28 29 ...
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