sebi:AO/SG-VS/EAD/120-155/2018
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Facts / Headnote
Penalty of Rs 10,00,000/- imposed jointly and severally on 29 Noticees for violation of Regulations 10 and 11(1) of SAST Regulations 1997; proceedings against 7 Noticees disposed of; proceedings against 3 deceased Noticees abated.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 87(2)
Regulations
- Reg. 3
- Reg. 199
- Reg. 10
- Reg. 10(2)
- Reg. 4(2)
- Reg. 3(1)(j)
- Reg. 11(1)
- Reg. 201
Holding
The Noticees violated Regulation 10 of the SAST Regulations, 1997 for the acquisition on 27.10.2005 and Regulation 11(1) of the SAST Regulations, 1997 for the acquisition on 28.12.2007 by not making the required public announcement, and are liable for monetary penalty under Section 15H(ii) of the SEBI Act.
Full text
Adjudication Order in the matter of M/s Morepen Laboratories Ltd Page 2 of 23 15 Ms. KANAK SURI C-40, AN NIKETAN, NEW DELHI-110021 (Noticee 15)
Adjudication Order in the matter of M/s Morepen Laboratories Ltd Page 3 of 23 (Noticee 29) NEW DELHI-110001 (Noticee 30)
Adjudication Order in the matter of M/s Morepen Laboratories Ltd Page 4 of 23 2. It was observed by CFD that the promoters of Morepen while holding 2,06,18,328 equity shares representing 12.88% of the paid up capital of Morepen were allotted 510 share warrants on 19.05.2004 which were converted into 5,10,00,000 equity shares on 27.10.2005 as per the details given hereunder –
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Source: SecMarx — sebi:AO/SG-VS/EAD/120-155/2018. 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.