There is a lapse of
12 years. There is an inordinate delay in the initiation
of proceedings. The acquisition made by the appellant ... there
is an inordinate delay in giving the comments the
proceedings will not lapse. The said decision is totally
distinguishable and is not applicable
that there is an inordinate delay in the
initiation of the proceedings. The acquisition if any was made
in the year 2011. Such transfer ... There is a lapse of
12 years. There is an inordinate delay in the initiation
of proceedings. The acquisition made by the appellant
Bpl Limited vs Securities & Exchange Board Of India on 20 June, 2002
ORDER
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advantage resulted to the Appellant from the delay. This was the first lapse on the part of the Appellant and not a repetitive ... fair and equal treatment of all the shareholders in relation to substantial acquisition of shares and takeovers and also to evolve good business standards
Regulation 7 of the takeover code. Adjudication proceedings were initiated
against the appellants for these lapses. A common show cause notice dated
November ... Therefore, I am of the strong opinion that the said acquisition by the
promoters would definitely attract the provisions of the SAST Regulations
aforesaid Agreements dated 14.11.01, the agreements for acquisition of shares were themselves entered into subject to the provisions of and compliance with the Regulations ... merchant banker stated that we are not to proceed further with the Offer, the Agreements entered into by the Acquirers with Mr. D Ramakrishnan
appeal and stated that acquisition of control over Castrol India Ltd., was not intended but only incidental to the acquisition of the shares of Burmah ... acquisition of Burmah Castrol would have lapsed and consequently the acquisition of Castrol (India) Ltd also would have lapsed and in completed acquisition only announcement
Section 15A(b) of the SEBI Act for non-disclosure of the acquisition
of these shares and takeovers. Considering the facts and
circumstances as detailed ... during the investigation. The appellant has
accepted the lapse in the proceedings. He submitted that due to his
health problem was unable to attend those
taken us through the record and the impugned order
and we now proceed to decide the appeals on merits.
3. On October ... public announcement has been made. This is, indeed, a
very serious lapse on the part of the promoter group as they have deprived the public
without making a public announcement. It
was further clarified that the aforesaid acquisition of 5% shall be calculated by
aggregating all purchases, without netting ... said
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show cause notice inter-alia stating that the lapse was due to the ambiguity in
the proviso inserted to Regulation
