SEBI grants Varunn Mody and Shashi Mody Family Trusts exemption from open offer requirements for indirect acquisition of Hindustan Composites shares.
Exemption approved for internal family reorganization via trust settlements without consideration, maintaining 74.98% promoter holding.
Order subjects trusts to 15 compliance conditions including annual auditor certification and completion within one year.
Exemption based on no change in control or public shareholding, with trusts deemed acting in concert with promoters.