sebi:AO/AS/02/2015
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Facts / Headnote
Penalty imposed on the Noticee for violations of Takeover Regulations and Insider Trading Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 7(2)
- Reg. 13(1)
Parties
- Noticee
Holding
The Noticee was held liable for violating Regulation 7(1) read with Regulation 7(2) of the Takeover Regulations and Regulation 13(1) of the Insider Trading Regulations by failing to make required disclosures, and a monetary penalty of Rs. 10,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 violations of the provisions of Regulation 7(1) read with 7(2) of Takeover Regulations and Regulation 13(1) of Insider Trading Regulations.
Page 3 of 7 of personal hearing was granted to the Noticee on 21 June, 2010. The Noticee authorized his representative to attend the personal hearing and the same was attended by the representative of the Noticee on the date. The representative of the notice submitted that the Noticee was not aware of the Insider Trading and Takeover Regulations and further submitted that he had inadvertently committed the violations. It was also submitted during the personal hearing that the Noticee would file the written reply to the SCN within 10 days.
Page 4 of 7 Regulation 7(1)‐ Acquisition of 5 per cent and more shares or voting rights of a company "Any acquirer, who acquires shares or voting rights which (taken together with shares or
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Source: SecMarx — sebi:AO/AS/02/2015. 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.