{"id":200845,"date":"2018-08-29T16:00:54","date_gmt":"2018-08-29T10:30:54","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=200845"},"modified":"2018-12-13T17:52:07","modified_gmt":"2018-12-13T12:22:07","slug":"exemption-granted-from-application-of-section-32-of-securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-regulations-2011","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/29\/exemption-granted-from-application-of-section-32-of-securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-regulations-2011\/","title":{"rendered":"Exemption granted from application of Section 3(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011"},"content":{"rendered":"

Securities and Exchange Board of India (SEBI):<\/strong> G. Mahalingam, whole time Member, in this order granted exemption from application of Section 3(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.<\/p>\n

An application was filed under Section 11(1) and Section 11(2)(h) of the SEBI Act read with Regulation 11(5) of the SAST Regulations, 2011 seeking exemption from application of Section 3(2) of the SAST Act on acquiring of shares and voting rights in the target company. The matter before the Board was that the promoters were willing to transfer by way of gift all the equity shares of the Target Company to the acquirer trusts. The transferor submitted the grounds on which they seek an exemption. Major grounds being the objective with which the transfer is proposed that is seamless intergenerational transfer of the trust fund in view of the fact that the beneficiaries are family members being non-commercial transaction. The other ground being that the ownership or control of the target company had not been affected. Also, pre and post-acquisition shareholding of promoter group would remain same. The acquirer\/transferee confirmed that they have adhered to the Guidelines outlined in the Schedule to the SEBI Circular. Board noted all the grounds and ordered that the Target Company shall continue to be in compliance with the minimum public shareholding requirements under the Securities Contracts Regulation Rules, 1957 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.<\/p>\n

Board was of the view that the exemption prayed by the applicants should be granted with certain conditions which the transferor and transferee needs to fulfill. Therefore, exemption from application of Section 3(2) was granted. [Proposed Acquisition of Shares and Voting Rights in Target Company FDC Ltd., In re,2018 SCC OnLine SEBI 156<\/b><\/a>, order dated 21-08-2018]<\/p>\n","protected":false},"excerpt":{"rendered":"

Securities and Exchange Board of India (SEBI): G. Mahalingam, whole time Member, in this order granted exemption from application of Section 3(2) <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[31656,2649,30320,2563,19271],"class_list":["post-200845","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-acquiring-shares","tag-exemption","tag-order","tag-SEBI","tag-voting-rights"],"yoast_head":"\nExemption granted from application of Section 3(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/29\/exemption-granted-from-application-of-section-32-of-securities-and-exchange-board-of-india-substantial-acquisition-of-shares-and-takeovers-regulations-2011\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exemption granted from application of Section 3(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011\" \/>\n<meta property=\"og:description\" content=\"Securities and Exchange Board of India (SEBI): G. 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