sebi:ASK/AO-33/2014-15
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Facts / Headnote
Penalty imposed on Noticee for violation of regulation 7(1) read with regulation 7(2) of SAST Regulations, 1997 read with regulation 35 of SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13(2)
- Reg. 10
- Reg. 199
- Reg. 13(3)
- Reg. 13(6)
- Reg. 7(2)
- Reg. 35
Parties
- Sanjay Salunkhe
Holding
The Noticee violated regulation 7(1) read with regulation 7(2) of SAST Regulations, 1997 by failing to make the required disclosure within two days of acquisition of 72.02% of the share capital of EEL, and is liable for a monetary penalty of Rs. 10,00,000 under section 15A(b) of the SEBI Act.
Full text
Adjudication Order against Sanjay Salunkhe in the matter of Eins Edutech Limited June 24, 2014 Page 2 of 14 2. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) examined the letter of offer pertaining to the aforesaid open offer and observed that Shri Sanjay Salunkhe (hereinafter referred to as "Noticee") had acquired 1,76,450 shares of EEL on September 18, 2010. As this transaction led to acquisition of 72.02% of share capital of EEL by the Noticee, it required a disclosure within 2 days of transaction i.e. by September 20, 2010, as stipulated by regulations 7(1) read with regulation 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011(hereinafter referred to as "SAST Regulations, 1997"). However, no disclosures as stipulated by the afore-mentioned regulations, for the said transaction dated September 18, 2010 was made by the Noticee.
Adjudication Order against Sanjay Salunkhe in the matter of Eins Edutech Limited June 24, 2014 Page 3 of 14 Noticee under rule 4 of the Rules to show cause as to why an inquiry should not be initiated and penalty be not imposed under section 15A(b) of the SEBI Act for the alleged violation specified in the SCN. It was alleged in the SCN that Noticee has violated the provisions of regulation 7(1) read with regulation 7(2) of the SAST 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 March 16, 2014 sought time of three weeks for submitting a detailed reply in the matter. The noticee filed its reply vide letter dated April 14,
Adjudication Order against Sanjay Salunkhe in the matter of Eins Edutech Limited June 24, 2014 Page 4 of 14 on January 15, 2011. These shares were transferred in name of the noticee in the register of the company on January 15, 2011.
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Source: SecMarx — sebi:ASK/AO-33/2014-15. 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.