{"id":257596,"date":"2021-11-23T16:00:06","date_gmt":"2021-11-23T10:30:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=257596"},"modified":"2021-11-23T15:42:07","modified_gmt":"2021-11-23T10:12:07","slug":"sebi-exception-granted-for-gifting-shares-in-an-acquisition-proposed-acquirer-to-file-report-within-21-days-post-acquisition","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/11\/23\/sebi-exception-granted-for-gifting-shares-in-an-acquisition-proposed-acquirer-to-file-report-within-21-days-post-acquisition\/","title":{"rendered":"SEBI | Exception granted for gifting shares in an acquisition| Proposed acquirer to file report within 21 days post-acquisition"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Securities and Exchange Board of India (SEBI):<\/strong> S.K. Mohanty, Whole Time Member, while deciding an order, granted exemption to the Anived Family Trust (Proposed Acquirer) from complying with the requirements of Regulation 3(2) of the Takeover Regulations, 2011 with respect to the proposed direct acquisition in the, Renaissance Global Limited (Target Company), by way of proposed transaction as mentioned in the Application.<\/p>\n<p style=\"text-align: justify;\">In the present matter, the application submitted was in respect of the proposed direct acquisition of shares and voting rights in the Target Company, as per the provisions of Regulation 3(2) of the Takeover Regulations, 2011. The Proposed Acquirer would hold the same number of shares in the Target Company as currently being held by the transferor, Sumit Shah, who is part of the promoters and promoter group of the Target Company. He gifted 21.87% of his shares in the Target Company to the Acquirer Trust, which was an internal reorganisation within his family, and runs for the benefit of his family. It was guaranteed that there would be no change in control of the Target Company, and pre\u2013acquisition and post\u2013acquisition shareholding of the promoters and promoter group would remain the same. Both the parties have confirmed and will continue to abide by the rules and regulations of SEBI.<\/p>\n<p style=\"text-align: justify;\">Resultantly, exception was granted on the condition that, after completion of the proposed acquisition, the Proposed Acquirer shall file a report with SEBI within a period of 21 days from the date of such acquisition, as provided in the Takeover Regulations, 2011. Also, the Proposed Acquirer shall also ensure that the covenants in the Trust Deed are not contrary to the above conditions and undertaking provided by the transferor. In such case, the Trust Deed shall be suitably modified and expeditiously reported to SEBI.[Exemption Order in the matter of Renaissance Global Limited, WTM\/SM\/CFD\/ 50 \/2021-22, decided on 17-11-2021]<\/p>\n<hr \/>\n<h4 style=\"text-align: justify;\"><span style=\"color: #993300;\">Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Securities and Exchange Board of India (SEBI): S.K. Mohanty, Whole Time Member, while deciding an order, granted exemption to the Anived Family <\/p>\n","protected":false},"author":67011,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[],"class_list":["post-257596","post","type-post","status-publish","format-standard","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI | Exception granted for gifting shares in an acquisition| Proposed acquirer to file report within 21 days post-acquisition | 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\/2021\/11\/23\/sebi-exception-granted-for-gifting-shares-in-an-acquisition-proposed-acquirer-to-file-report-within-21-days-post-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEBI | Exception granted for gifting shares in an acquisition| Proposed acquirer to file report within 21 days post-acquisition\" \/>\n<meta property=\"og:description\" content=\"Securities and Exchange Board of India (SEBI): S.K. 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Mahalingam, (Whole Time Member) disposed of the application allowing exemption from the Takeover Regulations, 2011 when the proposed acquisition was not prejudicial to the public shareholding. An application seeking exemption from the applicability of, Regulations 3, 4 and 5 of the Securities\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":213040,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/01\/sebi-public-announcement-of-open-offer-exempted-where-share-acquisition-is-a-non-commercial-transaction-and-part-of-a-private-family-arrangement\/","url_meta":{"origin":257596,"position":1},"title":"SEBI | Public announcement of open offer exempted where share acquisition is a non-commercial transaction and part of a private family arrangement","author":"Bhumika Indulia","date":"April 1, 2019","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): The Board comprising G. Mahalingam as Whole Time Member, granted an exemption to a family trust from public announcement of an open offer for acquiring shares of one of its companies. Supriyajith Family Trust (Acquirer) filed an application under Regulation 11(1) the Securities\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":252283,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/05\/takeover-regulations\/","url_meta":{"origin":257596,"position":2},"title":"SEBI |\u00a0Jammu &#038; Kashmir government exempted from Takeover regulations for the proposed acquisition of equity shares of Jammu and Kashmir Bank","author":"Editor","date":"August 5, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): S.K. Mohanty, Whole Time Member, exempted the Government of Jammu and Kashmir, from complying with the requirements of Regulation 3(2) of the Takeover Regulations with respect to the Proposed Acquisition of 6.06% equity shares in the Target Company viz., Jammu and Kashmir Bank\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":250229,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/23\/united-breweries-acquisition\/","url_meta":{"origin":257596,"position":3},"title":"SEBI | Kingfisher\u2019s chopped wings and shrinked wingspan | United Breweries Acquisition | Heineken exempted from the obligation under Takeover Regulations with exceptions","author":"Editor","date":"June 23, 2021","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): S.K. Mohanty, Whole Time Member, exempted Heineken International B.V from the obligation to make an open offer under Regulation 3(2) read with Regulation 3(3) of the Takeover Regulations, 2011 with respect to the proposed acquisitions of transfer shares of United Breweries Limited. In\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":200845,"url":"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\/","url_meta":{"origin":257596,"position":4},"title":"Exemption granted from application of Section 3(2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011","author":"Bhumika Indulia","date":"August 29, 2018","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): 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. An application was filed under Section 11(1) and Section 11(2)(h) of the SEBI\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":244438,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/26\/sebi\/","url_meta":{"origin":257596,"position":5},"title":"SEBI grants an exemption to &#8216;Pantone&#8217; from takeover norms with respect to acquisition of shares in Tata Communications Ltd.","author":"Editor","date":"February 26, 2021","format":false,"excerpt":"Security and Exchange Board of India (SEBI): S.K. Mohanty, (Whole Time Member) had granted exemptions to Pantone Finvest Ltd., from complying with the requirements of regulation 3(2) read with regulation 10(1)(a)(ii) of the Takeover Regulations 2011 with respect to direct acquisitions in Tata Communications Ltd. 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