Law:

Section:

Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance (CIII of 2002)--Ss.4, 5, 25 & 26---Increase in shareholding of acquirer of target company---Imposition of penalty---Acquirer acting in consent with his children breached the 25% threshold specified «under S.5 of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002, which required mandatory public offer for purchase of voting shares of the target company---Acquirer was advised to clarify his position and to provide documentary proof evidencing compliance with the requirements of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002 while acquiring increase from 9.58% to 28.26% of the target company--Information provided by the acquirer was found unsatisfactory as he could not establish that acquisition by him and his children were independent acts---On the contrary it had been acknowledged that acquisition was made to retain the beneficial ownership in a Bank, subsequent to the merger of the target company with the same---Acquirer had failed to provide any information/documents evidencing compliance with any of the requirement of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Ordinance, 2002 and had made them liable for penal action in terms of S.26(3) of said Ordinance ---Main purpose of the said Ordinance, was to provide for a fair and equitable treatment of all the investors and to provide a transparent and efficient system for substantial acquisition of voting shares and control of listed companies---Acquirer in the case had failed to comply with any of the provisions of Ordinance--Acquirer who had violated provisions of the Ordinance could be directed under S.25 of the said. Ordinance to sell the voting shares acquired in violation of the provisions of the Ordinance; however, keeping in view the fact that the target company was subsequently merged in the Bank and did not exist any more; token penalty of Rs.100,000 (one hundred thousand only), was imposed under S.26(3) of the Ordinance on the acquirer in violation of the provisions of the Ordinance. ORDER Under section 26…

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