SEBI grants exemption for ₹0 consideration share transfer in Vadilal Industries

This order grants an exemption to IVG Trust from specific takeover regulations (Regulations 3, 4, and 5 of the SAST Regulations, 2011) for the proposed acquisition of shares and voting rights in Vadilal Industries Limited. The acquisition involves the transfer of shares from promoters and promoter group companies to the trust without consideration.

Vadilal Industries Limited (Target Company), IVG Trust (Acquirer Trust), Virendrabhai Ramchandra Gandhi, Ila V Gandhi, Janmajay Virendrabhai Gandhi, Vadilal International Private Limited, Vadilal Finance Company Private Limited, Veronica Constructions Private Limited, and Axilrod Private Limited.

• SEBI granted an exemption from Regulations 3, 4, and 5 of the SAST Regulations, 2011.
• The proposed acquisition involves direct and indirect transfers of shares to IVG Trust.
• Shares are to be transferred without any consideration (gift).
• The transaction structure was updated in November 2025 to remove a planned HUF partition.
• Discrepancies in KYC documents regarding settlor, trustee, and beneficiary names were rectified by the Acquirer Trust in May 2026.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document