Law:

Section:

Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance (CIII of 2002)--Ss. 4, 5, 13, 15, 20, 25, 26 & Preamble---Purpose of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002---Imposition of penalty---Acquirers in the case had acquired 20 million shares of an Industry ('Target Company) representing a percentage interest of 52.5% through a share purchase agreement at a price of Rs.30 per share for a total consideration of Rs.600 million---Acquirers intended to make a public announcement for shares held by minority share-holders at a price of Rs.30 per share---Acquirers failed to comply with the requirements of S.5 of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002 which failure had provided for action against acquirers in terms of Ss. 25 & 26 of the Ordinance---In addition, public announcement submitted to the Commission, lacked a number of statutory disclosures or contained such material which was contradictory to various provisions of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance 2002---Several other deficiencies having also been observed in Public announcement, a show-case notice was issued to acquirers---Purpose of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002 was to provide a fair and equal treatment to all the investors as well as a transparent and efficient system for substantial acquisition of voting shares and takeovers of listed companies---Understanding of acquirers that S.5 of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002, was not applicable on (hem as it applied to one person only, whereas in the subject case, there were more than one person, was totally incorrect: because the Ordinance clearly provided for the acquirer acting either by himself and/or through other person in concert, which admittedly was the case in the present matter---Default on the part of the acquirers was wilful and they had violated various provisions of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance,…

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