Exemption Order in the matter of Vadilal Enterprises Limited
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What is this order about?
This order concerns SEBI's decision on an exemption request by IVG Trust for a proposed acquisition of shares in Vadilal Enterprises Limited, examining whether the transaction falls under SEBI's takeover regulations.
Who it concerns
IVG Trust
What was found or directed
- SEBI examined an exemption request from IVG Trust for proposed acquisition of shares in Vadilal Enterprises Limited
- Acquirer Trust proposed to acquire shares directly and indirectly from promoters of Target Company
- Acquirer Trust would acquire 10.64% of Target Company directly and 5.02% indirectly through Axilrod
- Acquirer Trust is an irrevocable discretionary trust established under Indian Trusts Act, 1882
- SEBI noted discrepancies in names of settlor, trustees and beneficiaries in KYC documents
- Acquirer Trust submitted amended Trust Deed on May 8, 2026
- SEBI sought final clarifications on May 19, 2026
- Acquirer Trust provided final reply on June 3, 2026
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | WTM/KCV/CFD/04/2026-27 |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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Documents
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Order
2026-07-03
vel-exemption-order.pdf
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