sebi:AO/SBM/EAD-3/82/2017
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Facts / Headnote
Penalty imposed on Noticee for failure to make timely disclosures under SAST Regulations and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 7(1)
- Reg. 13
- Reg. 12(1)
- Reg. 13(1)
- Reg. 13(6)
- Reg. 29(3)
- Reg. 12
- Reg. 29
- Reg. 29(1)
Parties
- MDS Infrastructure Pvt. Ltd.
Holding
The Noticee violated Regulation 29(1) read with Regulation 29(3) of the SAST Regulations and Regulation 13(1) of the PIT Regulations by failing to make disclosures within two working days of acquiring shares that took its holding above 5% of UGL's paid-up capital. The allegation of violating Regulation 13(6) of the PIT Regulations was held not sustainable as that obligation rests on the listed company, not the shareholder.
Full text
Page 2 of 11 2. UGL was incorporated on 29 May 1992 and the company is engaged in design, consultancy, integration, supply, installation, commissioning & maintenance of off-grid arid grid connected Solar Power Plants. UGL is listed on the Bombay Stock Exchange (hereinafter referred to as “BSE”). The total paid up capital of the company, during examination period, was Rs. 5,07,20,600 (represented by 5,07,20,600 shares of face value of Rs. 1/- each).
Page 3 of 11 Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under the provisions of section 15A(b) of the SEBI Act for the alleged failure on the part of the Noticee to comply with the provisions of Regulation 29(1) read with Regulation 29(3) of the SAST Regulations and Regulation 13(1) and Regulation 13 (6) of the PIT Regulations. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Page 4 of 11 stipulated date. In view of the above, I am compelled to proceed further in the matter on the basis of material / facts on record. CONSIDERATION OF ISSUES, EVIDENCE AND FINDINGS:
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Source: SecMarx — sebi:AO/SBM/EAD-3/82/2017. 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.