sebi:AK/AO-28/2014
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 8(3)
Parties
- Namburnadi Tea Company Limited
Holding
The Noticee violated Regulation 8(3) of the Takeover Regulations by failing to make yearly disclosures within 30 days for ten consecutive financial years from 2001-02 to 2010-11, and a penalty of Rs. 5,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Namburnadi Tea Company Limited Page 2 of 9
Adjudication Order in the matter of Namburnadi Tea Company Limited Page 3 of 9 Sl.no. Regulation/Sub‐ Regulation Due date of compliance Actual date of compliance Delay (in days) 8 8(3) 30.04.2009 08.08.2012 1196 9 8(3) 30.04.2010 08.08.2012 831 10 8(3) 30.04.2011 08.08.2012 466
Adjudication Order in the matter of Namburnadi Tea Company Limited Page 4 of 9 investors at large on account on non‐disclosure of share holding by the erstwhile promoters; vii. That no sale or purchase of shares was made during the period of alleged violation, the alleged violation, is thus, purely technical in nature and devoid of any mala fide intention; viii. That the alleged violation did not irretrievable damage shareholders rights, as more than 90% of the paid‐up capital was held by the erstwhile promoter ACIL and no investor complaint was received; ix. That immediately upon becoming aware of the alleged violation, steps were taken by the company to comply with the aforesaid requirement.
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Source: SecMarx — sebi:AK/AO-28/2014. 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.