sebi:ASK/AO/14/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 6
- Reg. 11
- Reg. 2(1)(b)
- Reg. 2
- Reg. 11(1)
- Reg. 8(2)
- Reg. 2(b)
- Reg. 7(2)
- Reg. 30(3)
- Reg. 30
- Reg. 30(2)
- Reg. 8(1)
Parties
- Ashok Jain
Holding
The Noticee violated regulation 7(1A) read with 7(2) for the April 30, 2004 acquisition, regulation 8(1) and 8(2) for 2002-2011, and regulation 30(2) read with 30(3) for 2012, and was held liable for a total monetary penalty of Rs. 17,00,000; the March 12, 2006 transmission by inheritance was held not to be a purchase under regulation 7(1A).
Full text
Adjudication order in the matter of Tumus Electric Corporation Ltd. Page 2 of 20 January 30 , 2014 Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”) and regulation 30(2) & regulation 30(3) of SEBI (Substantial Acquisition of shares and Takeovers) Regulations, 2011 (hereinafter referred to as “SAST Regulations, 2011").
Adjudication order in the matter of Tumus Electric Corporation Ltd. Page 3 of 20 January 30 , 2014 SAST Regulations, 1997 and regulation 30(2) & regulation 30(3) of SAST Regulations, 2011.
Adjudication order in the matter of Tumus Electric Corporation Ltd. Page 4 of 20 January 30 , 2014 7. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on January 07, 2014 vide notice dated December 19, 2013. Mr. Hitesh Kothari and Mr. Rajesh Kumar, appeared as Authorized Representatives (AR's) on behalf of the Noticee.
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Source: SecMarx — sebi:ASK/AO/14/2014. 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.