sebi:AO/UN/1/2012
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Facts / Headnote
Penalty of Rs.2,00,000 imposed on the noticee for violation of Regulation 7 of SAST Regulations and Regulation 13 of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 11A
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 11
- Reg. 13(1)
- Reg. 13(3)
- Reg. 11(1)
- Reg. 13(5)
- Reg. 7(2)
- Reg. 7(1)(A)
Parties
- Mr. Hemant Kumar Motihar
Holding
The noticee violated Regulation 7 of the SAST Regulations and Regulation 13 of the PIT Regulations in respect of his transactions in January, June and August 2007 and is liable to penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 16 2. As per disclosures made by the noticee to the Bombay Stock Exchange (hereinafter referred to as BSE), as on January 19, 2007, he was holding 1,85,000 shares constituting 5.08% of the share capital of the Company. Based on the total share capital of the Company at that point of time, it was observed that the noticee’s acquisition amounted to 5.07% of the share capital of the Company. It is therefore alleged that the disclosures as per the provisions of regulation 13(1) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter to as PIT Regulations) and regulation 7(1) read with 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers Regulations, 1997 (hereinafter referred to as SAST Regulations) were incorrect.
Page 3 of 16 acquisition). Also, since the shareholding of the noticee had reached 10% of the share capital of the Company, he ought to have made requisite disclosures in terms of regulation 7(1) read with regulation 7(2) of SAST Regulations. It is alleged that the same was not done.
Page 4 of 16 of the violation alleged to have been committed by him. In the absence of any response from the noticee, a reminder was issued on August 05, 2010.
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Source: SecMarx — sebi:AO/UN/1/2012. 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.