Aryaman Financial Services Ltd ("Manager to the Offer"), on behalf of Hanumesh Realtors Pvt Ltd ("HRPL"); Mandakini Hospitality Private Ltd ("MHPL") and Yashaswini Leisure Pvt Ltd ("YLPL") ("Acquirers") has informed this Announcement to the shareholders of Shree Ram Urban Infrastructure Ltd (formerly known as Shree Ram Mills Ltd ) ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") published on July 25, 2011, Corrigendum to the PA published on January 13, 2012 & the Letter of Offer dated January 14, 2012, pursuant to and in compliance with, among others, Regulations 11(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("Regulations").
Terms used but not defined in this Announcement shall have the meaning assigned to them in Public Announcement and Letter of Offer. Shareholders are requested to kindly take note of the following:
Update with respect to Adjudication Proceedings against Hanumesh Realtors Pvt Ltd
As mentioned in Letter of Offer that the SEBI had initiated adjudication proceedings against Hanumesh Realtors Pvt Ltd regarding violation of Regulation 11(1) of SEBI (SAST) Regulations, 1997 for increased voting rights in S. Kumars Online Ltd and the matter was pending as on the date of Letter of Offer.
The Shareholders of the Target Company are hereby informed that the Adjudicating Officer had passed the order bearing dated January 31, 2012. As per the said order the Adjudicating Officer has imposed a penalty of Rs. 1.87 crore (Rupees One Crore and Eighty Seven Lacs Only) on Hanumesh Realtors Pvt Ltd in terms of the provisions of Section 15H (ii) of the SEBI Act for the violation/ contravention of the provisions of Regulation 11(1) read with Regulation 14(1) of the SAST Regulations.
Hanumesh Realtors Pvt Ltd has informed us that they are taking legal advice in the matter and will decide the future course of action with respect to the same shortly.
Shareholders may note that the last date of tendering their shares is February 13, 2012.
Other than above, all other terms and conditions stated in PA, Corrigendum to PA & letter of Offer remain the same.
Source : BSE - www.bseindia.com