sebi:AK/AO-59-69/2015
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Facts / Headnote
Penalty imposed on Promoter Noticees for violations of Takeover Regulations; proceedings against Late Ms. Indu Goenka abated due to death
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 3(1)
- s. 372A
- s. 15I
- s. 15J
- s. 15F
- s. 18
- s. 176
- s. 177
- s. 172
- s. 173
- s. 41
- s. 169
Regulations
- Reg. 7
- Reg. 4
- Reg. 6
- Reg. 11
- Reg. 3
- Reg. 199
- Reg. 4(2)
- Reg. 14(1)
- Reg. 2
- Reg. 10
- Reg. 11(1)
- Reg. 8(3)
- Reg. 11(2)
- Reg. 201
- Reg. 31(2)
- Reg. 8(1)
- Reg. 8(2)
- Reg. 8A
- Reg. 8A(3)
- Reg. 8A(4)
Parties
- M/s. ISG Traders Ltd.
- M/s. Boydell Media Pvt Ltd.
- M/s. Sewand Investments Pvt Ltd
- M/s. Kavita Marketing Pvt Ltd.
- M/s. Orchard Holdings Pvt Ltd
- Mr. Shrivardhan Goenka
- M/s. Skylark Rubber Products Ltd.
- M/s. NRC Ltd.
- M/s. Pallmall Edusystems & Medicare Services Pvt. Ltd.
- M/s. Stone India Ltd.
- Late Ms. Indu Goenka
Holding
The Adjudicating Officer held that the Promoter Noticees violated Regulation 31(2) read with 31(3) of Takeover Regulations, 2011 (failure to disclose invocation of encumbered shares) and Regulation 11(2) read with Regulation 14(1) of Takeover Regulations, 1997 (failure to make public announcement upon acquisition through pledge invocation and return of shares), and imposed a penalty of Rs. 85,00,000 under Section 15H(ii) of SEBI Act on the Promoter Group. Proceedings against Late Ms. Indu Goenka were abated due to her death.
Full text
Adjudication Order in the matter of M/s. Andhra Cement Limited Page 2 of 52 were listed on Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’) and National Stock Exchange of India Ltd. (hereinafter referred to as ‘NSE’).
Adjudication Order in the matter of M/s. Andhra Cement Limited Page 3 of 52 by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘SEBI Rules’) to inquire into and adjudge the alleged violations committed by the Promoter Noticees.
Adjudication Order in the matter of M/s. Andhra Cement Limited Page 4 of 52 7.2. The details in respect of violation/non-compliance of Regulation 31(2) read with 31(3) of Takeover Regulations, 2011 by the Promoter Noticees: Regulation Due date of compliance Status 31(2) read with 31(3) 25.11.2011 Not complied 31(2) read with 31(3) 05.12.2011 Not complied 31(2) read with 31(3) 07.12.2011 Not complied
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Source: SecMarx — sebi:AK/AO-59-69/2015. 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.