sebi:AO/SBM/EAD-3/13-18/2017
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Facts / Headnote
Penalty of Rs. 4,00,000 imposed jointly and severally for violation of Regulation 31(1) read with Regulation 31(3) of SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 31
- Reg. 31(1)
- Reg. 201
- Reg. 31(3)
Parties
- M/s Doon Valley Foods Pvt. Ltd.
- Mr. Sanjiv Kakkar
- MM Malik – HUF
- Mr. Man Mohan Malik
- Ms. Sangita Malik
- Ms. Anita Kakkar
Holding
The Noticees violated Regulation 31(1) read with Regulation 31(3) of the SAST Regulations, 2011 by failing to make timely disclosures of encumbrance of 65 lakh shares and are liable jointly and severally to a penalty of Rs. 4,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 13 to as "Noticees") had failed to make timely disclosures pertaining to their encumbrance of shares of the Company during October 2014 ( hereinafter referred to as the ‘examination period’). It was observed that the Noticees, who are also the promoters of the Company had failed to comply with the disclosure requirements specified under the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as 'SAST Regulations').
Page 3 of 13 APPOINTMENT OF ADJUDICATING OFFICER 4. The undersigned was appointed as Adjudicating Officer, vide Order dated April 06, 2017 under Section 15-I(1) of the SEBI Act read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15A(b) of the SEBI Act, the aforesaid alleged violation by the Noticees. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Page 4 of 13 4. Man Mohan Malik 9,54,915 1.76 October 21, 2014 5. Sangita Malik 11,44,900 2.11 October 29, 2014 6. Sanjiv Kakkar 96,000 0.18 October 29, 2014
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Source: SecMarx — sebi:AO/SBM/EAD-3/13-18/2017. 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.