Sebi today directed a couple to make a public announcement to shareholders of Sky Industries within a period of 45 days as well as pay them 10 per cent interest to along with a consideration amount.
Sebi observed that on October 9, 2007 Vijay Jamnadas Vora individually acquired 13.82 per cent stake of Sky Industries and along with his wife, Hina Vijaykumar Vora acquired 15.01 per cent stake of the company, thereby crossing the threshold limit of 15 per cent.
However, pursuant to the acquisition no public announcement was made by them as mandated under Sebi norms.
"The acquirers Vijay Jamnadas Vora and Hina Vijaykumar shall make a combined public announcement to acquire shares of the target company, Sky Industries Ltd...Within a period of 45 days from the date of this order," Securities and Exchange Board of India (Sebi) said in an order today.
In addition, both have been asked to pay interest of 10 per cent per annum along with consideration amount "from January 1, 2008 till the date of consideration to the shareholders who were holding shares in the target company on the date of the violation and whose shares are accepted in the open offer, after adjustment of dividend paid, if any".
As per norms, an entity has to make a public announcement to acquire shares if the shareholding of the entity individually or along with PACs exceed the 15 per cent threshold limit.
Sebi investigation was primarily based on surveillance alerts it received from BSE that certain connected entities were continuously found to be contributing to daily volume in scrip of Sky Industries during the period January 1, 2009 to May 10, 2010.
