sebi:AO/EAD/SG-SKS/119/2018
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated May 09, 2014 disposed of; allegation not established, no penalty imposed
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 7
- Reg. 13
- Reg. 2
- Reg. 13(5)
Parties
- Smt. Kokila Dhirubhai Ambani
Holding
The allegation that Smt. Kokila Dhirubhai Ambani violated Regulation 13(4A) read with Regulation 13(5) of the PIT Regulations is not tenable and she is not liable for monetary penalty under Section 15A(b) of the SEBI Act; the adjudication proceedings are disposed of.
Full text
Adjudication Order in respect of Smt. Kokila Dhirubhai Ambani Page 2 of 11 Company As per NSE website Through RCAM (Portfolio Manager A/c) Lowest Market price/share from 2008 to 2014 (BSE) Value of shareholding (In Rs.) Reliance Capital Ltd. 545,126 17,00,000 315.30 53,60,10,000 Reliance Communications Ltd. 4,665,227 10,00,000 46.60 4,66,00,000 Reliance Power Ltd. 916,306 1,60,000 124.25 1,98,80,000
Adjudication Order in respect of Smt. Kokila Dhirubhai Ambani Page 3 of 11 4. It was also observed during inspection that the portfolio manager viz. RCAM had provided the client reports periodically to the Noticee stating the holdings of the Noticee with the Portfolio Manager. It was alleged that the Noticee did not inform the company or stock exchanges about the purchase / increase of shares in her account. It was, therefore, alleged that the Noticee being the promoter in all the three companies, viz. Reliance Capital Limited, Reliance Communications Limited and Reliance Power Limited has violated the provisions of Regulation 13(4A) read with Regulation 13(5) of the PIT Regulations.
Adjudication Order in respect of Smt. Kokila Dhirubhai Ambani Page 4 of 11 7. In response to the SCN issued to the Noticee, Advocate Shri. Deepak Sanchety, her Authorized Representative (hereinafter referred to as ‘AR’), inter-alia, made the following submissions on behalf of the Noticee vide letter dated May 21, 2014: “……..
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Source: SecMarx — sebi:AO/EAD/SG-SKS/119/2018. 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.