sebi:AK/AO-16-17/2014

SEBI · SEBI · 2012-09-28 · Anita Kenkare, Adjudicating Officer

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Facts / Headnote

Violations established; penalty of Rs. 3,00,000 jointly and severally imposed under Section 15A(b) of SEBI Act

Provisions invoked

Regulations

Parties

Holding

Shri K. Radhakrishna Reddy violated Regulation 13(4A) read with Regulation 13(5) of the PIT Regulations and Ms. K. Navaneethamma violated Regulation 13(1) and 13(4A) read with Regulation 13(5) of the PIT Regulations and Regulation 29(1) read with 29(3) of the Takeover Regulations for the September 28, 2012 off-market transfer of 1,00,000 shares (2.53%). A penalty of Rs. 3,00,000 jointly and severally was imposed under Section 15A(b) of the SEBI Act.

Full text

______________________________________________________________________________________ Adjudication order in the matter of ERP Soft System Limited                                                                               Page 2 of 12  Date of  Transaction  Transferor  Shares  transferred Transferee  Name  Pre‐ transfer  holding  Post‐ transfer  holding  Name  Pre‐ transfer  holding  Post‐ transfer  holding  28/09/2012  K Radhakrishna  1,00,000  (2.53%)  Nil  1,00,000  (2.53%)  K Navaneethamma  1,00,000  (2.53%)  2,00,000  (5.05%)

______________________________________________________________________________________ Adjudication order in the matter of ERP Soft System Limited                                                                               Page 3 of 12  held and penalty be not imposed under Section 15A (b) of SEBI Act for the alleged  violation specified in the said SCN. The said SCN was delivered and acknowledged by  the Noticees. The Noticees made the following submissions:

______________________________________________________________________________________ Adjudication order in the matter of ERP Soft System Limited                                                                               Page 4 of 12  encumbrances to his wife, Ms. K Navneethamma, the Donee. AR also submitted that  the demat account is registered in Noticees own individual names, respectively, as  they  did  not  have  joint  accounts.  Documents  showing  that  Shri  K.  Radhakrishna  Reddy and Ms. K Navneethamma were single holder of their demat accounts were  sought  from  AR  and  time  till  November  25,  2013  was  given  to  submit  the  same.  However, no such evidence was provided.

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Source: SecMarx — sebi:AK/AO-16-17/2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.