2004 (8) TMI 757

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....77; 50,000 each under Section 15A of the SEBI Act, 1992 making it joint and several on Veronica Financial Services Ltd., Jem Fiscal Ltd. and Hakeem Auto Ltd. on the ground that they did not inform the target company of acquisition of shares beyond 5% of the target company. This, according to the respondent, was violation of Regulation 7 of SEBI (SAST) Regulation, 1997 as it then was. Regulation 7 reads as follows : "(1) Any acquirer, who acquires shares or voting rights which (taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent shares or voting rights in a company, in any manner whatsoever, shall disclose the aggregate of his shareholding or voting rights in that company, to ....

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....with common address. In that view of the matter, there was a subjective satisfaction on the part of the respondent that there was a violation of Regulation 7 of the 1997 Regulation. We are not persuaded to accept the submission of the learned counsel for the appellants that they were not connected. In fact, the definition of the term 'acquirer' reads that an "acquirer" means any person who, directly or indirectly, acquires or agrees to acquire shares or voting rights in the target company, or acquires or agrees to acquire control over the target company, either by himself or with any person acting in concert with the acquirer. In view of the wide definition of the term 'acquirer', we do not think that the responden....