sebi:AK/AO-30-41/2017
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Facts / Headnote
Penalty imposed on Noticees for violation of Regulation 8(2) of Takeover Regulations, 1997
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 8(3)
- Reg. 8(2)
- Reg. 30(2)
- Reg. 8(1)
Holding
The Noticees, as part of the same promoter group, violated Regulation 8(2) of the Takeover Regulations by making the annual disclosure 7 days late (April 28, 2006 vs. due date April 21, 2006) for the financial year ended March 31, 2006. A total penalty of Rs. 2,00,000/- was imposed jointly and severally on all twelve Noticees under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Safari Industries (India) Limited Page 2 of 24 2. On perusal of the letter of offer, SEBI observed that the erstwhile promoters of the Company Shri Amul Sumatichandra Mehta, Shri Yugesh Sumatichandra Mehta, Shri Akul Yugesh Mehta, Mr Jayendra Yugesh Mehta, Ms Mrudula Amul Mehta, Ms Maitri Amul Mehta, Ms Rachna Amul Mehta, Ms Sunali Yugesh Mehta, Senator Investment Private Limited, Touristor Investments Pvt. Ltd., Yug Investment Pvt. Ltd. and Amul Sumatichandra Mehta-HUF (hereinafter referred to as the “Noticees”/ “Promoters”) in the past had not complied with Regulation 8(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as "Takeover Regulations") within the due date during the year
Adjudication Order in the matter of Safari Industries (India) Limited Page 3 of 24 5. The said Order dated March 27, 2015 was appealed against before the Hon'ble Securities Appellate Tribunal (SAT) by the Noticees. The Hon'ble SAT vide its Order dated November 20, 2015, set aside the Adjudication Order dated March 27, 2015 and restored the appeals to the file of SEBI for passing fresh order on merits and in accordance with law.
Adjudication Order in the matter of Safari Industries (India) Limited Page 4 of 24 S.No. Entity Violation of Regulation Due date for compliance Actual date of compliance Delay (No. of Days) 8 Sunali Yugesh Mehta 8(2) 21.04.2006 28.04.2006 7 9 Senatory Investments Pvt. Ltd. 8(2) 21.04.2006 28.04.2006 7 10 Touristor Investments Pvt. Ltd. 8(2) 21.04.2006 28.04.2006 7 11 Yug Investments Pvt. Ltd. 8(2) 21.04.2006 28.04.2006 7 12 A S Mehta HUF 8(2) 21.04.2006 28.04.2006 7
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Source: SecMarx — sebi:AK/AO-30-41/2017. 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.