sebi:ASK/RGA/AO/56/2014
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 199
- Reg. 8(3)
- Reg. 20
- Reg. 8(1)
- Reg. 74(3)
- Reg. 20(1)
- Reg. 74(1)
- Reg. 74
Parties
- Zodiac Ventures Ltd.
Holding
The Noticee violated regulation 8(3) of SAST Regulations, 1997 for the year 2008 and regulation 74(3) of ICDR Regulations, 2009 read with regulation 20(1) of SAST Regulations, 2011. A total monetary penalty of Rs 7,00,000/- (Rs 2,00,000/- plus Rs 5,00,000/-) was imposed on the Noticee.
Full text
Adjudication order in respect of Zodiac Ventures Ltd. Page 2 of 13 March 28 , 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 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 year 2008 and regulation 74(3) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (hereinafter referred to as "ICDR Regulations, 2009") read with regulation 20(1) of SEBI (Substantial Acquisition of Shares and Takeovers), Regulations, 2011 (hereinafter referred to as "SAST Regulations, 2011").
Adjudication order in respect of Zodiac Ventures Ltd. Page 3 of 13 March 28 , 2014 should not be initiated and penalty be not imposed under section 15A (b) and 15HB of the SEBI Act for the alleged violation specified in the SCN.
Adjudication order in respect of Zodiac Ventures Ltd. Page 4 of 13 March 28 , 2014 accordance with regulation 74(3) of ICDR Regulations, 2009 which was purely unintentional. • Due to oversight and ignorance there was delay in filing the disclosure under regulation 8(3) of SAST Regulations, 1997 and shares were not allotted in accordance with regulation 74(3) of ICDR Regulations, 2009. • The alleged defaults are minor in nature and did not result in any undue benefit being caused to the company nor did the non- compliance resulted in any loss or damage being caused to investor community or anyone else.
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Source: SecMarx — sebi:ASK/RGA/AO/56/2014. 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.