bombey dyeing vs arun bajoria
Bombay Dyeing & Mfg. Co. Ltd. vs Arun Kumar Bajoria on 4 July, 2001
Equivalent citations: 2001 107 CompCas 535 CLB
ORDER
S. Balasubramanian
1. In this petition filed under section 111A of the Companies Act ('the Act'), the petitioner company has sought for rectification of the Register of members of Bombay Dyeing & Manufacturing Company Limited (the company) by deleting the names of respondents 1 to 6 in respect of the shares impugned in the petition on the ground that these respondents had failed to comply with Regulation 7 of SEBI (Substantial Acquisition of Shares & Takeover) Regulations 1997 (Take Over Code). This petition was originally filed before the Western Region Bench and was later on transferred to the Northern Region Bench with the consent of the parties.
2. A summary of the petition is as follows : The petitioner-company was informed by its Registrars Sharepro Services on 28-6-2000 that as per the download of the data received from National Securities Depository Limited (NSDL) the first respondent along with respondents two to six had acquired and were holding shares of the petitioner-company exceeding 5 per cent as on 20-6-2000. As per the letter from Sharepro Services dated 6-6-2000, the collective percentage holding of these respondents as on 20-6-2000, was 5.3 per cent and as on 27-6-2000, it was 5.7 per cent. As per Regulation 7 of the Take Over Code, these respondents, having acquired the shares in concert, should have informed the company about their acquisition beyond 5 per cent within 4 days of such acquisition. However, they had not informed the company. Therefore, the same was reported to the SEBI by a letter dated 7-6-2000 seeking for investigation into the said acquisition. In a letter to the SEBI dated 4-8-2000, the first respondent had intimated that he along with the other respondents held as on 31-7-2000, 5244894 shares constituting 12.7 per cent shares in the company. Since these respondents had not disclosed their acquisition
Equivalent citations: 2001 107 CompCas 535 CLB
ORDER
S. Balasubramanian
1. In this petition filed under section 111A of the Companies Act ('the Act'), the petitioner company has sought for rectification of the Register of members of Bombay Dyeing & Manufacturing Company Limited (the company) by deleting the names of respondents 1 to 6 in respect of the shares impugned in the petition on the ground that these respondents had failed to comply with Regulation 7 of SEBI (Substantial Acquisition of Shares & Takeover) Regulations 1997 (Take Over Code). This petition was originally filed before the Western Region Bench and was later on transferred to the Northern Region Bench with the consent of the parties.
2. A summary of the petition is as follows : The petitioner-company was informed by its Registrars Sharepro Services on 28-6-2000 that as per the download of the data received from National Securities Depository Limited (NSDL) the first respondent along with respondents two to six had acquired and were holding shares of the petitioner-company exceeding 5 per cent as on 20-6-2000. As per the letter from Sharepro Services dated 6-6-2000, the collective percentage holding of these respondents as on 20-6-2000, was 5.3 per cent and as on 27-6-2000, it was 5.7 per cent. As per Regulation 7 of the Take Over Code, these respondents, having acquired the shares in concert, should have informed the company about their acquisition beyond 5 per cent within 4 days of such acquisition. However, they had not informed the company. Therefore, the same was reported to the SEBI by a letter dated 7-6-2000 seeking for investigation into the said acquisition. In a letter to the SEBI dated 4-8-2000, the first respondent had intimated that he along with the other respondents held as on 31-7-2000, 5244894 shares constituting 12.7 per cent shares in the company. Since these respondents had not disclosed their acquisition