sebi:ASK/AO-55/2014
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Facts / Headnote
Penalty imposed on the noticee for failure to make disclosure under Regulation 7(1A) of SAST Regulations, 1997.
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 11
- Reg. 10
- Reg. 11(1)
- Reg. 2(b)
- Reg. 35
- Reg. 2(a)
- Reg. 35(2)(a)
Parties
- M/s Oval Investments Private Limited
Holding
The noticee, as part of the promoter group acting in concert, violated Regulation 7(1A) of the SAST Regulations, 1997 by failing to disclose the sale of shares contributing to a change of more than 2% of GHCL's share capital within two days. A penalty of Rs. 3,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Order in respect of Oval Investment Pvt. Ltd. in the matter of GHCL Ltd. Page 2 of 18 March 27, 2014 disclosures which have led to alleged violation of regulation 7(1A) of SAST regulations.
Order in respect of Oval Investment Pvt. Ltd. in the matter of GHCL Ltd. Page 3 of 18 March 27, 2014 given an opportunity of hearing on July 2, 2012. The Noticee attended the hearing through its authorized representatives and sought an extension till July 13, 2012 to file the reply. The Noticee subsequently filed a reply dated June 11, 2012 which was received on July 13, 2012. The Noticee’s main
Order in respect of Oval Investment Pvt. Ltd. in the matter of GHCL Ltd. Page 4 of 18 March 27, 2014 • The noticee has been charged merely because it was a promoter. A promoter may not be a PAC and the concept of PAC is acquisition specific. • Regulation 7(1A) is limited and restricted to those acquirers who have acquired shares or voting rights of a company under sub-regulation (1) of regulation 11, or under the second proviso to sub-regulation (2) of regulation 11 of SAST Regulations.
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Source: SecMarx — sebi:ASK/AO-55/2014. 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.