sebi:AO/AS/05/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of ₹10,00,000 imposed on the Noticee for violations of Takeover and Insider Trading Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 7(1)
- Reg. 13
- Reg. 7(2)
- Reg. 13(1)
Parties
- Shivram M. Meena
Holding
The Noticee violated 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 after acquiring 5,15,730 shares (9.91%) in Gujarat Arth Ltd., and a monetary penalty of ₹10,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Order in respect of Shivram M. Meena in the matter of Gujarat Arth Ltd. Page 2 of 8 3. SEBI, therefore, initiated adjudication proceedings under the provisions of the SEBI Act against the Noticee to inquire into and adjudge the alleged violations of the provisions of Regulation 7(1) read with 7(2) of Takeover Regulations and Regulation 13(1) of Insider Trading Regulations.
Order in respect of Shivram M. Meena in the matter of Gujarat Arth Ltd. Page 3 of 8 9. Vide letter dated June 22, 2010, the Noticee submitted that he was not aware of the said SEBI Regulations which make certain disclosures mandatory on the part of persons operating in the capital market and therefore was ignorant about the same. He further submitted that there was no malafide motive behind dealing in the said scrip.
Order in respect of Shivram M. Meena in the matter of Gujarat Arth Ltd. Page 4 of 8 Securities, from whom it received 5,00,000 shares, it was submitted that they would provide the clarification.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:AO/AS/05/2018. 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.