Corrigendum in the matter of indirect acquisition of share and voting rights of GMR Infrastructure Ltd
- Order No.WTM/PS/30/CFD/AUG/2013
Ratio decidendi
The rule this decision rests on
Where an order contains errors that are clerical and typographical in nature and have crept in inadvertently, the authority that made it may correct those errors on a representation by the affected party, without re-hearing or altering the substance of the decision. Once so corrected, the original order is to be read together with the corrigendum, so that the corrected entries govern as the operative terms of the order.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
1. Securities and Exchange Board of India (hereinafter referred to as "SEBI"), vide an Order dated July 05, 2013 bearing reference no. WTM/PS/11/CFD/DCR-I/July/2013 ("the Order") had granted exemption to the Acquirers, namely, Grandhi Varalakshmi Mallikarjuna Rao Trust, Srinivas Bommidala and Ramadevi Trust, Grandhi Buchi Sanyasi Raju and Satyavathi Smitha Trust, Grandhi Kiran Kumar and Ragini Trust and the GMR Family Fund Trust from complying with the requirements of regulation 3(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 with respect to their proposed indirect acquisition of 273,62,21,862 equity shares of GMR Infrastructure Limited (the target company). 2. Subsequently, the Acquirers, through their authorised representatives, vide e-mail dated July 12, 2013 read with e-mail dated August 05, 2013, had pointed out certain typographical errors in the Order. The Acquirers have requested SEBI to consider correcting the Order in order to rectify the errors. I have perused the said representation and note that the errors are clerical and typographical in nature that have crept inadvertently in the Order. Accordingly, the Order stands corrected as follows : a) In paragraph 2 at page 1, in addition to the names of Trusts mentioned therein, the name of "GMR Family Fund Trust" shall also be added. b) In serial no. 2 of the second table at page 6, "The Srinivas Bommidala and Ramadevi Trust" shall be read as "SBR Trust" instead of "SMR Trust. Similarly, the said Trust mentioned as "SMR Trust" in the 2nd sentence of paragraph 10 at page 6, shall also be read as "SBR Trust". c) Further, in the 2nd sentence of paragraph 10 at page 6, the aggregate percentage shareholding of the Trusts mentioned therein shall be read as "0.0001%" instead of "0.001%". d) In paragraph 14 at page 7, the face value of the equity shares of GMR Infrastructure Limited shall be read as " 1/- each" instead of " 10/- each". 3. The Order shall always be read with this Corrigendum.
PRASHANT SARAN WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA Date : August 13, 2013 Place : Mumbai
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