Consent Order on the applications submitted by M/s. DISA Holding AG and M/s. DISA India Limited in the matter of M/s. DISA India Limited

Jul 06, 2010
PR No.: 153/2010

PR No.153/2010

Consent Order on the applications submitted by M/s. DISA Holding AG and M/s. DISA India Limited in the matter of M/s. DISA India Limited

A Panel consisting of Whole Time Members, SEBI, Dr. K. M. Abraham and  Shri Prashant Sharan, has passed consent order dated July 01, 2010 on the consent applications submitted by M/s. DISA Holding AG (the Acquirer)  and M/s. DISA India Limited (the Target Company) for settlement of the following non-compliances.

 

  1. Non-compliances by the Acquirer in regard to the acquisition of shares of the Target Company with the provisions of:

 

                     (i)            Regulation 7(1A) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the Takeover Regulations) for the acquisition made on March 22, 2005.

 

                     (ii)            Regulation 3(3) of the Takeover Regulations for the acquisition made on October 20, 2004.

 

                   (iii)            Regulation 3(4) of the Takeover Regulations for the acquisition made on October 20, 2004.

 

                    (iv)            Regulation 13(3) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 for the acquisition made on October 20, 2004.

 

  1.  Non-compliances by Target Company with the provisions of :

 

                 (i)            Regulation 7(3) of the Takeover Regulations with regard to the acquisition made by the Acquirer on October 20, 2004.

 

               (ii)            Regulation 13(6) of the SEBI (Prohibition of Insider Trading) Regulations, 1992.

 

M/s. DISA Holding AG and M/s. DISA India Limited, without admitting or denying guilt have remitted a sum of Rs.7,00,000/- (Rupees Seven Lakh only ) and  Rs.1,00,000 (Rupees One Lakh only), respectively towards the settlement charges in the matter. 

 

The full text of the order is available on the website: www.sebi.gov.in

 

Mumbai

July 06, 2010

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