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28 Oct 2020, 21:00 HRS IST
  • PTI
  • Anshul Specialty settles takeover norms violation case with Sebi, pays Rs 38 lakh

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20:37 HRS IST

New Delhi, Sep 24 (PTI) Anshul Specialty Molecules Pvt Ltd has paid Rs 38 lakh towards settlement charges to markets regulator Sebi in a case related to alleged violation of takeover norms

The case relates to alleged violation of SAST (Substantial Acquisition of Shares and Takeovers) or takeover norms by Utkarsh Global Holdings Pvt Ltd (UGHPL), which was later amalgamated into Anshul Specialty

The settlement order comes after Anshul Specialty filed an application with the regulator proposing to settle the matter without admitting and denying the alleged violation of SAST norms

In a settlement order passed on Thursday, Sebi said, "Instant adjudication proceedings initiated against UGHPL...are disposed of."

It was alleged that the shareholding of UGHPL, a promoter group entity of Excel Industries Ltd (EIL), was increased by more than 5 per cent pursuant to conversion of warrants into equity shares in December 2014

This required UGHPL to make an open offer under the provisions of SAST norms, but it had failed to make the open offer

It was observed that UGHPL had amalgamated with Anshul Specialty?from September 2017 pursuant to an order of Mumbai Bench of the National Company Law Tribunal

Subsequently, Anshul Specialty had filed an application for settlement with the regulator and paid Rs 37.99 lakh towards settlement fee and accordingly, the regulator disposed of the case.

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