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2019 (10) TMI 112 - AT - SEBIRelated party transactions - Sale of assets of the Company - additional transactions without PB Notice - as submitted Company had sought shareholders approval through special resolution inter alia regarding the sale of assets of the Company - As submitted that since Respondent no.17 JMF ARC has acquired 26% of the equity of Respondent no.2 Company against the provisions of the Takeover Regulations, 2011 it should have been prohibited by the Respondent no.1 SEBI from participating in the voting under the provisions of Regulation 32 of the Takeover Regulations - HELD THAT:- During the pendency of the appeal, in view of the directions of Respondent no.1 SEBI in the impugned order, Respondent Company had issued fresh PB Notice adding the explanatory note further explaining the additional transactions. We were told at the Bar that the process of voting is complete and the date of declaration of the result was scheduled as 18th September, 2019. Therefore, vide order dated 13th September, 2019 we directed Respondent no.2 Company not to declare the results of the postal ballot in question till we deliver the judgement. In view of the dismissal of Appeal no.357 of 2019 the interim order will have to be vacated. Hence the following order. In the result, Appeal filed by ITC Ltd. fails while Appeal filed by JMF ARC is allowed. The interim order dated is hereby vacated.
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