sebi:ASK/RGA/AO/38/2014-15

SEBI · SEBI · 2013-07-24 · A. Sunil Kumar, Adjudicating Officer

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Facts / Headnote

Penalty imposed

Provisions invoked

• s. 15A
• s. 15
• s. 3(1)
• s. 15J

Regulations

• Reg. 6
• Reg. 8
• Reg. 8(3)
• Reg. 8(1)

Parties

• M/s Shree Bhawani Paper Mills Ltd.

Holding

The Noticee violated regulation 8(3) of SAST Regulations, 1997 by making delayed yearly disclosures for the years 1998 and 2001, and a monetary penalty of Rs. 25,000 was imposed under section 15A(b) of the SEBI Act.

Full text

Adjudication order in respect of M/s Shree Bhawani Paper Mills Ltd. Page 2 of 10 July 31, 2014 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 the Noticee had violated regulation 8(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”) for the years 1998 and 2001.

Adjudication order in respect of M/s Shree Bhawani Paper Mills Ltd. Page 3 of 10 July 31, 2014 6. Vide letter dated March 31, 2014, the Noticee filed its reply to the SCN. In the interest of natural justice and in order to conduct an inquiry in terms of rule 4(3) of the Rules, the Noticee was granted an opportunity of personal hearing on May 09, 2014 vide notice dated April 17, 2014. The Noticee vide letter dated May 02, 2014, had requested for adjournment of hearing. Another opportunity of hearing was granted to the Noticee on June 04, 2014 vide letter dated May 12, 2014. Again, the Noticee vide letter dated May 28, 2014, had requested for adjournment of hearing. One more opportunity of hearing was granted to the Noticee on June 25, 2014 vide letter dated June 05, 2014. Ms. Babita Jain and Mr. B.M. Chaturvedi appeared as Authorised Representative's (AR's) on behalf of the Noticee and reiterated the

Adjudication order in respect of M/s Shree Bhawani Paper Mills Ltd. Page 4 of 10 July 31, 2014 BIFR under section 3(1)(o) of Sick Industrial Company (Special Provision) Act, 1985 on September 26, 2013.

Source: SecMarx — sebi:ASK/RGA/AO/38/2014-15. 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.