sebi:ASK/AO-10/2014-15
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Facts / Headnote
Alleged violation not established; no penalty imposed
Provisions invoked
- s. 15A
- s. 15I
Regulations
- Reg. 7(3)
- Reg. 35
Parties
- Drillco Metal Carbides Limited
Holding
The alleged violation of regulation 7(3) of SAST Regulations, 1997 by Drillco Metal Carbides Limited does not stand established and no penalty is imposed.
Full text
Adjudication Order in respect of Drillco Metal Carbides Limited Page 2 of 4 public announcement and alleged that the there was admittedly a delay of 1 day on the part of the Noticee in complying with the provisions of regulation 7(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”), when it made the disclosure under the said regulation on January 14, 2010 while due date for such disclosure was January 13, 2010.
Adjudication Order in respect of Drillco Metal Carbides Limited Page 3 of 4 Regulations, 1997 read with regulation 35 of SAST Regulations, 2011. The copies of the documents relied upon in the SCN were provided to the Noticee along with the SCN. Noticee vide letter dated nil received by SEBI on March 21, 2014 requested for personal hearing.
Adjudication Order in respect of Drillco Metal Carbides Limited Page 4 of 4 7. After taking into account the submission made by the noticee and cross- verification of the same with the disclosure available on the BSE website, I note that the disclosure under regulation 7(3) of SAST Regulations, 1997 was made by the Noticee on January 11, 2010 which is well within the time specified under the afore-mentioned regulation. Hence, the alleged violation of regulation 7(3) of SAST Regulations, 1997 by the noticee does not stand established.
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Source: SecMarx — sebi:ASK/AO-10/2014-15. 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.