sebi:AP/AO-5/2008-09
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Facts / Headnote
Adjudication proceedings against the noticees dropped; no further inquiry required under Rule 4(3)
Regulations
- Reg. 7
- Reg. 11
- Reg. 2
- Reg. 42
- Reg. 39
Parties
- Har Sai Investments Ltd.
- H.B. Stockholdings Ltd.
Holding
The Adjudicating Officer dropped the adjudication proceedings against Har Sai Investments Ltd. and H.B. Stockholdings Ltd., holding that no substantial evidence proved that the four alleged entities were Persons Acting in Concert with the HB Group, and therefore the alleged violation of Regulation 7(1) of the Takeover Regulations was not proved.
Full text
Page 2 of 7 January 31, 2008, transferred the matter to the undersigned keeping the other terms and conditions of the earlier Adjudicating Officer appointment order, unchanged.
Page 3 of 7 HB group i.e. noticees herein. In response to the SCN, the HB Stockholdings Ltd. filed a short reply vide its letter dated April 05, 2005 showing its inability to file a detailed reply to the SCN and raised cetain objections that the alleged transactions were about 5 years old, copies of appointment of AO and the details/grounds on the basis of which
Page 4 of 7 9.0 Vide letter dated May 29, 2008 the following details were provided to the HB Stockholdings Ltd as requested by it vide its letter dated April 17, 2008: i. Copy of the disclosure made by it in the scrip of JPIL vide letter no. HBSL/INV/1999 dated August 09, 1999; ii. Copy of the relevant pages of investigation report.
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Source: SecMarx — sebi:AP/AO-5/2008-09. 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.