sebi:ASK/RGA/AO/128/2014-15
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 14(1)
- Reg. 14
- Reg. 10
- Reg. 11(1)
- Reg. 11(2)
Parties
- Saraf Holding Pvt Ltd
Holding
The Noticee violated regulation 11(2) read with regulation 14(1) of SAST Regulations, 1997 on two occasions by acquiring 2000 shares on April 21, 2004 and 500 shares on October 04, 2005 without making a public announcement, and a monetary penalty of Rs 20,00,000 was imposed under section 15H(ii) of the SEBI Act, 1992.
Full text
Adjudication order in the matter of Comfort Fincap Ltd.. Page 2 of 14 January 16 , 2015 2. Securities and Exchange Board of India (hereinafter referred to as 'SEBI') examined the letter of offer pertaining to the aforesaid open offer and alleged that M/s Saraf Holding Pvt Ltd (hereinafter referred to as 'Noticee/SHPL'), part of erstwhile promoter group of CFL, comprising Noticee, Surface Holdings Limited, Tower Properties Pvt Ltd, Aradhita Saraf, Shyam Sunder Saraf, Rama Devi Saraf, Sujata Saraf, Dev Saraf had violated regulation 11(2) read with regulation 14(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as 'SAST Regulations, 1997').
Adjudication order in the matter of Comfort Fincap Ltd.. Page 3 of 14 January 16 , 2015 penalty be not imposed under section 15 H(ii) of the SEBI Act, 1992 for the alleged violation specified in the SCN.
Adjudication order in the matter of Comfort Fincap Ltd.. Page 4 of 14 January 16 , 2015 the said hearing was re-scheduled to January 08, 2015. Mr. Manish Bansal and Mr. Girish Saraf , appeared as Authorized Representative (AR's) on behalf of the Noticee and reiterated the submissions made vide letter dated December 04, 2014.
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Source: SecMarx — sebi:ASK/RGA/AO/128/2014-15. 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.