Corporate Professionals Blog

On March 12, 2007, Mr. Sunil Khaitan, Mr. Krishna Khaitan, M/s Khaitan Lefin Limited (KLL) and M/s Orientale Mercantile Company Limited (OMCL) (Noticees) acquired 13,00,000 equity shares pursuant to conversion of warrants in M/s Khaitan Electricals Limited (Target Company) that has triggered Regulations 10 and 11(1) of SEBI (SAST) Regulations, 2011 requiring open offer to the shareholders of the Target Company. However, the Noticees failed to do so and accordingly, SEBI directed the Noticees to make a combined public announcement under regulation 10 and 11(1) of the SEBI (SAST) Regulations, 1997 and also to pay interest at the rate of 10% per annum.

Case Details:               ZOOM LENS of SEBI order in the matter of M/s Golden Tobacco    Limited Target Company:       M/s Golden Tobacco Limited Acquirers:                  Mr. Pramod Jain and M/s Pranidhi Holdings Private Limited along with the                                   J.P. Financial Services Private Limited (PAC) Industry:                    Tobacco, Cigarettes, Biris        Merchant Banker:    VC Corporate Advisors Private Limited           ...