sebi:AK/AO-40-51/2015
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Facts / Headnote
Penalty imposed on each Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 10
- Reg. 8
- Reg. 8(3)
- Reg. 8(2)
- Reg. 8(1)
- Reg. 30(2)
Holding
Each of the twelve Noticees, as individual promoters of M/s. Safari Industries (India) Limited, violated Regulation 8(2) of the Takeover Regulations by making the annual disclosure to the company 7 days late (April 28, 2006 instead of April 21, 2006), and a penalty of Rs. 2,00,000 was imposed on each Noticee under Section 15A(b) of the SEBI Act, totaling Rs. 24,00,000.
Full text
Adjudication Order in the matter of M/s. Safari Industries (India) Limited Page 2 of 21 Application No. 51 of 2015 moved by SEBI allowed two months extension of time for passing the final Order.
Adjudication Order in the matter of M/s. Safari Industries (India) Limited Page 3 of 21 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order in the matter of M/s. Safari Industries (India) Limited Page 4 of 21 the said notice was duly acknowledged by the Noticees. Accordingly, Shri Ramakant Kini, Shri Supreme Waskar and Shri Pradumnya Patil from M/s Sterling Associates (hereinafter referred to as ‘ARs’), appeared on behalf of the Noticees and reiterated the submissions made vide reply dated December 16, 2013. During the hearing, the ARs submitted that Shri Amul Mehta was the main holder and other promoters were his relatives as joint holders, hence only Shri Amul Mehta may be
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Source: SecMarx — sebi:AK/AO-40-51/2015. 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.