sebi:AO/SG-VS/EAD/58/2017
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Facts / Headnote
Penalty imposed on the Noticee for violations of SAST Regulations, 2011 and PIT Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 29(1)
- Reg. 2(b)
- Reg. 7(1)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
Parties
- M/s Nirvani Trust
Holding
The Noticee, M/s Nirvani Trust, violated Regulation 29(2) read with Regulation 29(3) of the SAST Regulations, 2011 and Regulation 13(3) & Regulation 13(4A) read with Regulation 13(5) of the PIT Regulations, 1992 by failing to make required disclosures after acquiring 3,90,00,000 shares (20.32%) of Minal Industries Limited through amalgamation. A penalty of Rs. 6,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in respect of Nirvani Trust in the matter of M/s Minal Industries Limited Page 2 of 14 more than 2% of shareholding of the Noticee in MIL. Therefore, it was alleged that the Noticee was required to make the disclosures to MIL and to the stock exchange i.e. BSE, in accordance with the provisions of regulation 29(2) read with regulation 29(3) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (hereinafter referred as ‘SAST Regulations, 2011’) i.e. within two working days from the date of acquisition, which Noticee had failed to do. BSE vide email dated May 07, 2014 had informed ISD that it had not received the disclosures under regulation 29(2) read with regulation 29(3) of SAST Regulations, 2011 from the Noticee. Thus, it was alleged that Noticee has violated the provisions of regulation 29(2) read with regulation 29(3) of SAST Regulations, 2011.
Adjudication Order in respect of Nirvani Trust in the matter of M/s Minal Industries Limited Page 3 of 14 observed that MIL vide letter dated nil received on May 08, 2014 informed that it had not received the disclosures under regulation 13(4A) read with regulation 13(5) of PIT Regulations from the Noticee. Thus, it was alleged that Noticee had violated the provisions of regulation 13(4A) read with regulation 13(5) of PIT Regulations.
Adjudication Order in respect of Nirvani Trust in the matter of M/s Minal Industries Limited Page 4 of 14 ".......... 1. Vide para 4 of the Notice you have alleged that the Noticee who was holding 3,01,26,055 shares for the quarter ending March 31, 2012, upon acquisition of 3,90,00,000 shares (i.e. 20.32% of total shareholding of Minal) had failed to made disclosure under regulation 29(2) read with regulation 29(3) of SAST Regulations, 2011 to the stock exchange.
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Source: SecMarx — sebi:AO/SG-VS/EAD/58/2017. 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.