sebi:ASK/AO/62-67/2014
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Facts / Headnote
Penalty of Rs. 25,00,000 imposed jointly and severally on Noticees 1, 2, 3, 5 & 6 for violation of regulation 12(2) & (3) read with clause 2.1 of Schedule II of PIT Regulations; charge under regulation 12(1) & (3) read with Clause 1.2 of Part A of Schedule I dropped; proceedings against Noticee No. 4 abated due to death.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 12
- s. 4A
Regulations
- Reg. 12(1)
- Reg. 12
- Reg. 2
- Reg. 12(2)
Parties
- MAN Industries (India) Limited (Noticee No.1)
- R C Mansukhani (Noticee No.2)
- J C Mansukhani (Noticee No.3)
- J L Mansukhani (Noticee No.4)
- R C Jindal (Noticee No.5)
- Sujal Sharma (Noticee No.6)
Holding
The Noticees violated regulation 12(2) & (3) read with clause 2.1 of Schedule II of PIT Regulations by failing to promptly disclose price sensitive information regarding bagging of orders (59 days delay for Niroo Gustar, 7 days for GRC), and a penalty of Rs. 25,00,000 was imposed jointly and severally on Noticees 1, 2, 3, 5 & 6. The charge of failing to amend the Model Code of Conduct was dropped for lack of sufficient evidence.
Full text
Adjudication Order in the matter of MAN Industries (I) Limited Page 2 of 19 March 28,2014 Insider Trading) Regulations, 1992 (PIT Regulations) pursuant to amendment in PIT Regulations. It was, thus, alleged that the Noticees had violated the provisions of regulations 12(2) & 12(3) read with Clause 2.1 of Schedule II of PIT Regulations and regulations 12 (1) & 12 (3) read with Clause 1.2 of Part A of Schedule I of PIT Regulations.
Adjudication Order in the matter of MAN Industries (I) Limited Page 3 of 19 March 28,2014 Manukhani were advised to appear for hearing on December 06, 2013. Noticee No.1 was advised to file proof of death of Shri J L Mansukhani.
Adjudication Order in the matter of MAN Industries (I) Limited Page 4 of 19 March 28,2014 Mansukhani, while denying all the charges leveled against him vide the SCN, requested for copies of certain documents for enabling him to file reply to the SCN. On December 19, 2013, Shri. Aditya Bansali, Partner of Mindspright Legal and Ms Ruchi sharma, Company Secretary, MAN Infraprojects Limited appeared as ARs on behalf of JC Mansukhani. The ARs submitted that a request for specific documents will be sent by December 23, 2013 and reply to the SCN would be submitted within one week of receipt of response from SEBI. Vide letter dated December 23, 2013, J C Mansukhani sought copies of certain documents. Vide letter dated January 21, 2014 the documents sought by J C Mansukhani have been furnished to him and was also advised to appear for hearing on February 04, 2014. Vide letter dated January 31, 2014, J C Mansukhani requested for an extension of time and accordingly the hearing scheduled for February 04, 2014 was postponed to February 12,
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Source: SecMarx — sebi:ASK/AO/62-67/2014. 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.