sebi:AO/SBM/EAD-3/26-32/2017
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Facts / Headnote
Penalty of Rs 4,00,000 imposed on Noticee No.1; proceedings against Noticees No.2 to 7 disposed of/dropped
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 29
- Reg. 13(4)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 12
- Reg. 2(1)(q)
- Reg. 2(1)(q)(2)
Parties
- Shri Anil B. Vedmehta
- Ms. Bhavana V Gandhi
- Ms. Mamta P Parekh
- Shri Paresh Parekh
- Shri Chetan Gosalia
- Shri Rajkumar Jain
- Shri Pulkit Vimal Mehta
Holding
Noticee No.1 Shri Anil B. Vedmehta violated Regulation 29(2) read with Regulation 29(3) of SAST Regulations, 2011 and Regulations 13(3), 13(4) and 13(4A) read with Regulation 13(5) of PIT Regulations, 1992 and was held liable to a total penalty of Rs 4,00,000 under Section 15A(b) of SEBI Act. Proceedings against Noticees No.2 to 7 (PACs/promoter group) were dropped/disposed of.
Full text
Page 2 of 16 Noticee no 5), Shri Rajkumar Jain ( hereinafter referred to as Noticee no 6) and Shri Pulkit Vimal Mehta (hereinafter referred to as Noticee no 7) and hereinafter collectively referred to as ‘Noticees’ in the context of the present proceedings had allegedly failed to make the necessary disclosures pertaining to their acquisition and sale of the shares of MTL during the examination period, which were required to be made under the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as 'SAST Regulations'). It was alleged that Noticee no 1 had purchased and sold significant quantities of shares of MTL during the aforementioned examination period and Noticee no 2 to 7 (who were part of the promoter group of MTL) were ‘persons acting in concert’ ( PACs) along with Noticee no 1 within the meaning of Regulation 2(1)(q) (2) (iv) of the SAST Regulations.
Page 3 of 16 the Company under the provisions of Regulation 29 (2) read with Regulation 29 (3) of the SAST Regulations within two working days of the acquisition/disposal of shares by them. It is alleged that the Noticees had failed to make the necessary disclosures in terms of Regulation 29 (2) read with Regulation 29 (3) of the SAST Regulations.
Page 4 of 16 adjudge under the provisions of Section 15A(b) of the SEBI Act for the alleged failure on the part of the Noticees to make the necessary disclosures in terms of the aforementioned provisions of law. Subsequently, upon the transfer of Shri D Ravikumar, the undersigned has been appointed as the Adjudicating Officer in the matter vide Order dated June 22, 2015.
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Source: SecMarx — sebi:AO/SBM/EAD-3/26-32/2017. 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.