sebi:AO/SBM-VB/EAD-3/12/2015
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Facts / Headnote
Penalty imposed on Noticee for failure to make timely disclosures
Provisions invoked
- s. 15A
- s. 15
- s. 12
- s. 15J
Regulations
- Reg. 13
- Reg. 13(3)
- Reg. 29
- Reg. 58
Parties
- Mangal Keshav Capital Limited
Holding
The Noticee, Mangal Keshav Capital Limited, violated Regulation 29(2) read with Regulation 29(3) of the SAST Regulations, 2011 and Regulation 13(3) read with Regulation 13(5) of the PIT Regulations, 1992 by failing to make timely disclosures regarding off-market disposal of 6,91,848 shares of Arms Paper Ltd (12.54% of paid up capital) on December 28, 2013. A penalty of Rs. 5,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 13 shown in the list of persons belonging to the category of public and holding more than 1% of the total share capital of the Company.
Page 3 of 13 APPOINTMENT OF ADJUDICATING OFFICER 5. SEBI vide Order dated April 26, 2013 appointed Shri D Ravikumar as the Adjudicating Officer under Section 15 I of the SEBI Act read with Rule 3 of Securities and Exchange Board of India (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 15 A (b) of the SEBI Act for the alleged violation of the provisions of Regulation 13 (3) read with Regulation 13 (5) of the PIT Regulations, 1992 and Regulation 29 (2) read with Regulation 29 (3) of the SAST Regulations, 2011 committed by the Noticee. Subsequently, upon the transfer of Shri D Ravikumar, I have been appointed as the Adjudicating Officer vide an Order dated June 22,
Page 4 of 13 8. The relevant provisions of the SAST Regulations, 2011 and PIT Regulations, 1992 alleged to have been violated by the Noticee and as brought out in the SCN issued to the Noticee are reproduced hereunder:
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Source: SecMarx — sebi:AO/SBM-VB/EAD-3/12/2015. 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.