Securities and Exchange Board of India (hereinafter referred to as ˜SEBI™) examined the Letter of offer document dated December 14, 2010 by M/s Ultraplus Housing Estate Pvt. Ltd (Acquirer), to the shareholders of M/s Associated Cereals Limited (Target Company) (hereinafter referred to as ACL). SEBI observed that Shri Bimal Kumar Agarwal (hereinafter referred to as the Noticee), a member of the promoter group of ACL had acquired 10,000 shares constituting 4.17% of the total equity and voting share capital of ACL by way of the inter-se transfer among the promoters on June 30, 1997. The promoters of the ACL were holding 32.21% of the total equity and voting share capital of ACL. In view of the said transfer and change in the shareholding, the Noticee was required to make public announcement in terms of Regulation 11(1) read with Regulation 14(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as SAST Regulations). The Noticee allegedly failed to comply with the said provisions under the SAST Regulations.
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