Exemption granted with respect to proposed direct and indirect acquisitions under Takeover Regulations 2011

Last updated: 19 October 2020

Court :
SEBI

Brief :
UNDER SECTION 11(1) AND SECTION 11(2)(h) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH REGULATION 11(5) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011

Citation :
WTM/GM/CFD/DCR2/38/2020-21

WTM/GM/CFD/DCR2/38/2020-21
SECURITIES AND EXCHANGE BOARD OF INDIA
ORDER
UNDER SECTION 11(1) AND SECTION 11(2)(h) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH REGULATION 11(5) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011.
IN THE MATTER OF PROPOSED ACQUISITION OF SHARES AND VOTING RIGHTS IN –

TARGET COMPANY : MINDA INDUSTRIES LIMITED
ACQUIRERS :
1. NK MINDA FAMILY INVESTMENT TRUST
2. SUMAN MINDA FAMILY INVESTMENT TRUST

Background –
1. Minda Industries Limited (“Target Company”) is a company incorporated under the Companies Act, 1956 on September 16, 1992. Its registered office is at ‘Minda Industries Limited, B-64/1, Wazirpur Industrial Area, Delhi -110052’. The shares of the Target Company are listed on BSE Limited (“BSE”) and NSE Limited (“NSE”).

2. An Application dated January 23, 2020 (“Application”) seeking exemption from the applicability of Regulations 3, 4 and 5 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations 2011”) in the matter of proposed direct and indirect acquisition of shares in the Target Company was received by SEBI from NK Minda Family Investment Trust (“Acquirer 1”) and Suman Minda Family Investment Trust (“Acquirer 2”) (together referred to as “Acquirer Trusts / Proposed Acquirers”).

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