acting in concert and that the same was within the then creeping acquisition limit of 10% under regulation 11(1) of the Regulations ... were to be amended with effect from October, 2002 bringing the creeping acquisition limit down from 10% to 5%. Faced with the recommendation
regulation 11(1) (relating to the then available "creeping acquisition" of 10% or more of the voting powers in the target company ... acquisition of the aforesaid shares was under the then existing "creeping acquisition" limit of 10% in terms of sub-regulation (1) of regulation
facie operate in three different fields.
They seek to control creeping acquisition which may lead to substantial
acquisition and ultimately total control of the company
which was more than the permissible annual creeping limit of acquisition of 5% specified in Regulation 11(1) of the Takeover Regulations.
1.2 The Target ... Company have acquired 14.28% i.e. more than the permissible annual creeping acquisition limit of 5% of voting rights in the Target Company
that return of pledged shares does not amount to an acquisition in terms of the said Regulations. The factual position is that ... target company upto 5% during any period of 12 months (through creeping acquisition mode). In case the acquirer acquires shares constituting more than the stipulated
SEBI (Substantial Acquisition of shares and Takeovers) Regulations 1997 (hereinafter referred to as "Takeover Regulations") claiming exemption for acquisition ... Target Company i.e. more than the permissible annual creeping limit of acquisition of 5% specified in Regulation 11(1) of the Takeover Regulations
with 14(1) of the Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997. The appellant, it seems ... shareholding being more than the creeping limit of 5%, constituted breach of Regulation 11(1) of SEBI (Substantial Acquisition of Shares and Takeover) Regulation
Maruti Udyog Ltd. vs Dy. Cit on 11 October, 2004
Equivalent citations: [2005]92ITD120(DELHI
Maruti Udyog Ltd. vs Deputy Commissioner Of Income Tax on 11 October, 2004
Equivalent citations
Indumati Sadashiv Deshmukh vs Mohanlal Dahyabhai Gandhi on 26 February, 2004
Author: P.B. Majmudar
