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Judgment Search Results Home > Cases Phrase: mediation Court: sebi securities and exchange board of india or securities appellate tribunal sat Year: 2003 Page 1 of about 15 results (0.060 seconds)

Aug 01 2003 (TRI)

Kishore Rajaram Chhabria Vs. the Chairman Securities and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Aug-01-2003

Reported in : (2003)46SCL385SAT

..... through the creeping acquisitions, and to that extent clearly displays the non-application of mind rendering the impugned order a nullity to that extent.moreover, this aspect betrays the pre-mediated design of sebi in forcing the appellant to reduce his shareholding to the limits desired by persons in management of the target company.77. on the applicability of the case .....

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Mar 10 2003 (TRI)

Sebi Vs. Kamal Overseas Ltd. (Kol)

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Mar-10-2003

..... in a listed company. shri chawla, in turn approached shri piyush avlani who had earlier indicated to him that he knew about a listed company for takeover. shri chawla then mediated between shri piyush avlani and shri rakesh sheth and once they started discussions he was out of the picture.15. shri rakesh sheth however, denied that he approached shri kalpesh .....

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Apr 22 2003 (TRI)

Mithani Investment (Through Its Vs. the Securities and Exchange Board ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Apr-22-2003

Reported in : (2003)44SCL408SAT

1. the present appeal is directed against the respondent's order dated 12.12.2002. by the said order one hem enterprises and its proprietor shri hasmukh shah and the appellant and its proprietor shri milan j.mithani were debarred from "associating with the capital market related activities, dealing in securities, accessing the capital market and associating with any of the intermediaries in the capital market for a period of five years" with effect from the date of the order.2. the direction, as per the impugned order is issued under section 11b of the securities and exchange board of india act, 1992 (the act) read with regulation 12 of the securities and exchange board of india (prohibition of fraudulent and unfair trade practices relating to securities market) regulations, 1995 (futp regulations) against the parties named in the order with reference to their alleged role relating to the public issue made by one company viz. bharthari financial services ltd. (now known as bt technet ltd) (bfs). as per the information furnished by the respondent in september 1995 bfs made a public issue of 13,50,000 equity shares of rs.10 each for cash at par for an aggregate sum of rs.1.35 crores, which remained open from 29.9.95 to 5.10.95. the issue was reportedly oversubscribed by 17.8 times. the concerned stock exchange accorded approval of the 'basis of allotment' on 8.12.1995 and granted listing permission on 14.12.1995.the respondent reportedly received market reports indicating that .....

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Oct 27 2003 (TRI)

Sms Holdings Pvt. Ltd. Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Oct-27-2003

Reported in : (2004)49SCL117SAT

1. south east marine engineering and construction ltd.,(seamec) is a public limited company registered in india under the provisions of the companies act, 1956. it is engaged in the business of operating multi support vessels for diving and for providing underwater/sub sea construction, maintenance and other support services for oil and gas and other industries. it's shares are listed on the calcutta stock exchange, bombay stock exchange, ahmedabad stock exchange and the national stock exchange of india. it was a subsidiary of coflexip sa, france. as a result of acquisition of shares/control of the technip coflexip sa, by another french company viz. technip coflexip sa (technip), seamec became a subsidiary of the said technip coflexip sa.2. the present 8 appeals are from persons claiming to be the shareholders of seamec. in the appeals they have challenged the order dated 9.9.2002 containing certain decisions arrived at, and directions given, by the securities and exchange board of india (sebi).3. sebi received certain complaints relating to the acquisition/control of seamec. it had also received an application from technip, seeking exemption from compliance of the requirements relating to the acquisition of shares. sebi's order is a combined order dealing with the complaints received by it with reference to the acquisition of shares/control of seamec by technip and also the application made by the said technip seeking exemption from compliance of the requirements under .....

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Mar 28 2003 (TRI)

M.P. Mehrotra and Somesh Mehrotra Vs. Securities and Exchange Board of ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Mar-28-2003

1. vls finance ltd., (the company) is a public limited company incorporated under the provisions of the companies act, 1956. it is engaged in the business of financing projects, leasing and investments.it had made a public issue of equity shares sometime in march, 1994.shares of the company are listed on several stock exchanges in india.the company had decided to raise further capital from the market. for the purpose a prospectus was issued on 14.11.94. in the said public issue 36,66,600 equity shares of rs.10/- each at a premium of rs.390/- per share aggregating to rs.146,66,40,000 were offered. the public issue opened on 15.12.1994. it was reportedly oversubscribed by five times. the company in the said prospectus, under the head "capital structure" at item 7 of the notes (page 11) had made the following disclosure: "the promoters have been issued 10 lakh optionally convertible non transferable warrants (ocnt), each convertible into 10 equity shares at their option which shall be exercised not earlier than 12 months and not later than 60 months from the date of allotment of the warrants. this ocnt warrants issue was approved by the shareholders in their meeting held on 2.8.94 and allotted to the promoters in the board meeting held on the same day. the promoters have given an undertaking to the company that they shall opt for conversion at rs.400/- per share. they have also undertaken that the conversion shall be opted in phases so that the growth rate in the earning per .....

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Dec 09 2003 (TRI)

Sebi Vs. Hsbc Securities and Capital

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Dec-09-2003

1.1 hsbc securities and capital market (india) pvt ltd [hereinafter referred to as 'hsbc securities'] is registered with sebi inter alia as a category i merchant banker bearing registration no. inm0000010353.1.2 hsbc securities acted as a merchant banker for the open offer made by mr. v k modi, dr. b k modi, mod fashions and securities pvt ltd and modikem ltd in concert with witta international inc., and sidh international ltd (hereinafter referred to as 'the acquirers') under sebi (substantial acquisition of shares and takeovers) regulations, 1997 (hereinafter referred to as 'takeover regulations'), to the shareholders of modi rubber ltd (hereinafter referred to as 'target company') to acquire upto 87, 64,186 fully paid up shares of the target company representing 35% of the paid up capital of the target company.1.3 the offer opened on 4th june, 2001 and was to be closed on 3rd july, 2001. the nd acquirers were to complete all the formalities by august, 2001 i.e. acceptance/rejection of the shares offered by the share holders and corresponding payment for the acquired shares/ return the share certificates for the rejected shares. the shares tendered in the offer were 108,06,760 including 27,04,205 shares by lic. on 21st july,2001, lic, one of the share holder of mrl which had lodged 27,04,205 shares in response to the offer, wrote to hsbc securities (merchant banker) and karvy (registrar to the issue) to return the shares tendered by it on the ground that (a) the said .....

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Mar 31 2003 (TRI)

Nepc India Limited, Nepc Agro Vs. Securities and Exchange Board of Ind ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Mar-31-2003

1. the present appeal is directed against the respondents order dated 2.7.2001. by the said order s/shri ravi prakash khemka, raj kumar khemka, ratan kumar khemka, tirupathi kumar khemka and madhu sudan khemka (the acquirers)along with their group companies were debarred from accessing the capital market for a period of 5 years. the order is issued under section 11b read with section 4(3) and section 27 of the securities and exchange board of india act, 1992 (the act).2. the acquirers in the wake of substantial acquisition of shares/control of damania airways ltd.(name changed to skyline nepc ltd.) (appellant no.3), as required under the provisions of the securities and exchange board of india (substantial acquisition of shares and takeovoers) regulations, 1994 (takeover regulations).made a public announcement to acquire 64,66,800 fully paid up equity shares of rs.10/- each representing 20% of the voting capaital of skyline nepc ltd. the offer was to remain open from 1.2.1996 to 29.2.1996. the offer price was rs.35.25 per share. the total consideration payable for 64,66,800 shares was rs.22.80 crores. the offer closed on 29.2.1996.pursuant to the offer, several shareholders of the said compazny offered the shares held by them. in terms of regulation 22, person (s) acquiring shares is required within a period of four weeks from the date of closure of the offer complete all procedures relating to the offer including payment of consideration to the shareholders who have .....

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Aug 29 2003 (TRI)

Luxottica Group Spa, Ray Ban Vs. Securities and Exchange Board of Indi ...

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Aug-29-2003

Reported in : (2004)1CompLJ258SAT

1. the order passed by the respondent (sebi) on 5.8.2002 in the matter of acquisition of shares/voting rights and control of ray ban sun optics india ltd. (formerly known as bausch & lomb india ltd.) by luxottica s. p. a is under challenge in the present appeal.2. the appellant no. 1 (the luxottica group s.p.a) is a company registered under the laws of italy. it is engaged inter alia in the design, manufacture and marketing of prescription/spectacle frames and sunglasses ('eyewear' business/ 'the business'). it has operations in several countries directly or through its subsidiaries.3. the appellant no.2 is a corporate entity incorporated under the laws of usa. it is a wholly owned indirect subsidiary of the appellant no.1. the appellant no.3 is also a corporate entity incorporated under the laws of usa. it is a wholly owned subsidiary of the appellant no.2 and an indirect subsidiary of the appellant no. 1.4. certain other entities, namely bausch & lomb inc. ray ban sun optics india ltd.(formerly known as bausch & lomb india ltd.), bausch & lomb south asia inc, bausch & lomb south asia holdings inc., are also involved in the matter. bausch & lomb inc., a corporate entity incorporated in new york, belongs to the bausch & lomb group of usa.bausch & lomb group is engaged in the production, marketing and distribution of sunglasses and spectacle frames and certain related accessories (eyewear and eyecare business) in various localities around the world.5. ray ban sun optics india .....

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Sep 01 2003 (TRI)

United Breweries Holdings Vs. the Chairman, Securities and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Sep-01-2003

Reported in : (2003)47SCL206SAT

1. the applicants above mentioned, have filed the two miscellaneous applications (review applications.). the applications are identical in substance. these are against the common order passed by this tribunal on 1.8.2003 in appeal no. 13 and in appeal no. 14. the applicants have also filed separate identical applications ( no. 96/2003 and no.98/2003) seeking interim order staying the operation of the tribunal's order dated 1.8.2003 pending the hearing and final disposal of their applications. these applications were filed in the tribunal on 11.8.2003. the appellants above mentioned filed affidavit in reply to the review applications on 21.8.2003. according to the appellants these reply affidavits were filed "only for a limited purpose viz. to point out that the review petition filed by the applicants is not maintainable and that they are not entitled to any interim relief as sought for or otherwise. identical affidavits dated 25.8.2003 captioned "limited affidavit in rejoinder...." made by the company secretary of the applicant united breweries holdings ltd and reply affidavit thereto also dated 25.8.2003, from the appellants were tendered by the respective counsel for the parties at the time of hearing on 25.8.2003.2. the background of filing of the present review applications briefly is as follows: the respondent sebi had passed a common order on 19.2.2002 holding that the appellants had acquired shares in herbertsons ltd., (target company) without complying with certain .....

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Sep 19 2003 (TRI)

Gold Multifab Limited, Alok Vs. Chairman, Securities and

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Sep-19-2003

Reported in : (2003)4CompLJ361SAT

1. the present appeal is directed against the order passed by the respondent no. 1 (sebi) on 11.10.2002. the operative portion of the order under challenge in the present appeal is as follows: "in view of the above, i, in the exercise of the powers conferred upon me by sec. 4(3) and 11b of sebi act, 1992, direct that m/s . gold multifab ltd. , be prohibited from accessing the capital markets for a period of three years. it is also directed that mr. pradip dingra, mr. alok kalawat, mr. murli manohar modani, priti bhatia and mr. vivek bhatia, directors of the company are debarred from dealing in securities for a period of three years. this aspect of the order shall come into force with effect from october 11th 2002. it is further directed that promoters of m/s . gold multifab ltd. , shall write to all allottees/existing shareholders asking them whether they would like to remain invested (?) with the company and if allottees/existing shareholders choose to exit; they should be given an option to sell the shares to the promoters. if the shares offered are fully paid up, then the promoters should give the face value to the allottees/existing shareholders and if the shares are partly paid up, then the promoters should give the amount subscribed to the allottees/existing shareholders. it is directed that the company shall send its compliance report (giving evidence as to writing to all the allottees/existing shareholders by the promoters and purchase of shares from such allottees/ .....

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