Settlement Order in respect of Anshul Specialty Molecules Private Ltd

Last updated: 30 September 2020

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Quick Summary

This settlement order concerns Anshul Specialty Molecules Private Limited, which inherited proceedings against Utkarsh Global Holdings Private Limited following an amalgamation. The original proceedings, initiated by SEBI, alleged violations of SAST Regulations due to a failure to make an open offer after increasing shareholding in Excel Industries Limited. Anshul Specialty Molecules applied for settlement and agreed to pay Rs. 37,99,145 to resolve the matter without admitting or denying the allegations.

Court :
SEBI

Brief :
Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’), vide communiqué dated May 04, 2016 initiated adjudication proceedings against Utkarsh Global Holdings Private Limited (hereinafter referred to as ‘UGHPL’), which was later amalgamated into Anshul Specialty Molecules Private Limited (hereinafter referred to as ‘the applicant’), to inquire into and adjudge under Section 15H(ii) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for the alleged violation of the provisions of Regulation 3(2) and 3(3) read with Regulation 13(1) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations’) alleged to have been committed by UGHPL.

Citation :
Settlement Order No: SO/PM/AN/2020-21/6246

Daily Limit Reached