Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 199 7 - Reg 11 (1) and 14(1) Securities & Exchange Board of India (Substantial Acquisition of Shares & Takeovers) Regulations |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Securities & Exchange Board of India (SubstantialAcquisition of Shares & Takeovers) Regulations, 199 7 - Reg11 (1) and 14(1) - Requirement of making publicannouncement - Appellant consistently bought and soldshares of target company-SIL prior to June 1999 and alsoafter August 1999 and became one of its promoters and didnot make required public announcement - Show causenotice to appellant- SEBI held that the appellant was alreadyholding between 15% to 75% shares of SIL and it couldacquire additional shares of this company without publicannouncement only upto 5% of its paid up capital during therelevant period - However, it acquired shares constitutingmore than 5% of the paid up capital of SIL without publicannouncement as required by Reg 11(1) - SEBI issuingdirections to appellant to make public announcement in termsof Reg 11 ( 1) and imposed penalty for the non-compliance -Said orders upheld by tribunal - Held: Order passed by thetribunal concurred with since if the aggregate percentage ofacquisitions at any point of time during the financial yearexceeds 5%, Reg 11 would get trigger mandating publicannouncement - Reg 14(1) discloses that publicannouncement should not be delayed beyond four workingdays of the agreement or decision to acquire the requisitenumber of shares or voting rights. |
Judge | Hon'ble Mr. Justice Shiva Kirti Singh |
Neutral Citation | 2015 INSC 675 |
Petitioner | Kosha Investments Ltd. |
Respondent | Securities & Exchange Board Of India & Anr. |
SCR | [2015] 9 S.C.R. 412 |
Judgement Date | 2015-09-18 |
Case Number | 3219 |
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