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Sebi orders 4 SKIL Infra promoters to partially sell stake

Sebi orders 4 SKIL Infra promoters to partially sell stake

Sebi on Thursday directed four promoters of Pipavav group firm , SKIL Infrastructure to partially sell their stake within three months for violating takeover norms and deposit the resulting proceeds with investor protection fund.

The four promoters – Akshita Nikhil Gandhi, Ansh Bhavesh Gandhi, Priyanka Nikhil Gandhi and Anushka Bhavesh Gandhi – had failed to make adequate disclosures with regard to their acquisition of 1.98 lakh shares of Horizon Infrastructure Ltd  (HIL) way back in January 2008.

These individuals, who have been directed to sell their stake, are children of Nikhil Gandhi and Bhavesh Gandhi – the promoters of Pipavav group.

In 2013, SKIL Infrastructure Ltd, Horizon Country Wide Logistics Ltd (HCWLL) and Fastlane Distriparks & Logistics Ltd (FDLL) were amalgamated. The resultant entity came to be known as only SKIL. Citing certain mitigating factors, Sebi said the four individuals should partially divest their stake in SKIL within three months.

The stake in SKIL came through their holding in HIL. “I am satisfied that a direction to the noticees to sell that number of shares of SKIL held by them which represent 1,98,000 shares acquired by them in HIL,” Sebi Whole Time Member Rajeev Kumar Agarwal said in his order dated March 4. The proceeds would be transferred to the Investor Protection and Education Fund.

“The noticees shall divest the shares…through sale to parties not connected/ related to them in small lots in trenches on the BSE and NSE ensuring that such sale does not disturb the market equilibrium,” the order said.

According to Sebi, there are some peculiar facts and circumstances with regard to this case since three of the four noticees were minors when the non-compliance with takeover norms happened in 2008. Except for Akshita Nikhil Gandhi, Ansh Bhavesh Gandhi, Priyanka Nikhil Gandhi and Anushka Bhavesh Gandhi were minors at that time.

“I further note that pursuant to the scheme of amalgamation approved by the High Court of Bombay vide order dated September 23, 2013 many companies have merged with HIL and the resultant company is now known as SKIL. “Consequently, the shareholding pool in the transferee company is different from that of HIL,” Agarwal said.

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