9911796707
TMI Blog2014 (1) TMI 1826X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly points out that not only the company, but an acquirer is also required to inform the stock exchanges at every stage of aggregate of the shareholding or voting rights in the company. The object underlying these regulations is, therefore, unequivocally to bring more transparency by dissemination of complete information to the public as well as shareholders at large not only by the concerned company but by the individual acquirer as well. To this extent, the appellants, though inadvertently and without any intention, have defaulted in complying with the regulations regarding disclosures in question in our considered view and in the facts and circumstances of the present cases. The infraction, although venial in nature, is an infraction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . With the consent of both learned counsel for the parties, all the five appeals are being heard together and are being disposed of by this common order. However, for factual purposes, Appeal no. 201 of 2013 is treated as the leading case. 3. The common allegation in all the cases against the appellants levelled by the respondent was that they marginally crossed the limit prescribed by the regulations in respect of their shareholding in Murli Industries Limited (MIL), i.e. the company in question. 4 MIL is a public limited company incorporated under the Companies Act, 1956, having its registered office at Nagpur. It is, interalia, engaged in the production and marketing of various agro based products and is listed on the Bombay Stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrants and their conversion was duly approved by the shareholders. 6. Thus, the public at large as well as the shareholders had due knowledge of the acquisition of number of shares by the appellants. This information also duly includes the exact percentage of decrease in promoter s shareholding and the corresponding increase in the public shareholding. No one was deprived of this important information. Therefore, the charge levelled against the appellants to this extent is superfluous. Indeed the underlying objective of regulation 7 of the SAST Regulations read with Regulation 13 of the PIT Regulation had already been achieved in as much as the company kept the stock exchanges as well as shareholders and the public at large duly infor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary General Meeting and EOGM will be held on December 15, 2006. 06 Dec 2006 Murli Agro Board Meeting on Dec 15, 2006 Murli Agro Products Ltd has informed BSE that a meeting of the Board of Directors of the Company will be to consider the following : 1. Conversion of share warrant in to shares of the Company. 2. Overview in the overall status of the Company. Murli Agro Outcome of Board Meeting 18 Dec 2006 Murli Agro Products Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 15, 2006, has transacted the following : 1. Board approved the Allotment of shares against the Share warrant. After issue of this shared the Capital of the Company will be increased to ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
