sebi:AO/SBM-ASR/EAD-3/09/2015
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Facts / Headnote
Penalty of Rs 3,00,000 imposed on the Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 29
- Reg. 13(5)
- Reg. 29(3)
- Reg. 29(1)
- Reg. 58
Parties
- Shri Pawan Kumar Sharma (PAN: CJHPS7831R)
Holding
The Noticee violated Regulation 29(1) read with Regulation 29(3) of the SAST Regulations and Regulations 13(1), 13(2A), 13(4A) read with Regulation 13(5) of the PIT Regulations by making belated and/or failing to make required disclosures, and a penalty of Rs 3,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER 2. Shri D. Ravikumar was appointed as Adjudicating Officer ( AO), vide Order dated March 11, 2013 under Section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as '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 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 Regulations 13(1), 13(2A) and 13(4A) read with Regulation 13(5) of the PIT Regulations. Subsequently, upon the transfer of Shri D Ravikumar, I have been appointed as the Adjudicating Officer vide Order dated June 22, 2015.
Page 3 of 14 Date of transaction Acq uisit ion/ sale No. of shares Resultant shareholdi ng Resultant sharehold ing % Net Change in % Net change in shareholdi ng Change in value ` 20.06.2012 A 73,10,780 9.81%
Page 4 of 14 of the provisions of Regulation 13(4A) read with 13(5) of the PIT Regulations, the Noticee was required to make the relevant disclosures as regards change in the shareholding to the Company and also to the Stock exchanges where the securities are listed within two working days of such change in the shareholding. However, it is alleged that the Noticee has failed to make the disclosures required under Regulation 13 (4 A) of the PIT Regulations. (e) In view of the above, it was alleged that Noticee has violated the provisions of Regulation 29(1) read with Regulation 29(3) of the SAST Regulations and Regulations 13(1), 13(2A) and 13(4A) read with Regulation 13(5) of the PIT Regulations. The relevant provisions of the SAST Regulations and PIT Regulations are mentioned as under; SAST Regulations: 29. (1) Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified.
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Source: SecMarx — sebi:AO/SBM-ASR/EAD-3/09/2015. 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.