sebi:Adjudication_Order_in_respect_of_Shri_Narendra_Prabodh_Ganatra
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Facts / Headnote
Penalty imposed on the Noticee for failure to make disclosures under the Takeover Code and PIT Regulations
Provisions invoked
- s. 15A
- s. 15J
- s. 15
Regulations
- Reg. 7(1)
- Reg. 13(1)
Parties
- Shri Narendra Prabodh Ganatra
Holding
The Noticee was held liable for violating Regulation 7(1) and 7(2) of the Takeover Code and Regulation 13(1) of the PIT Regulations by failing to disclose his acquisition of shares crossing 5% in EPIC Energy Ltd. within the prescribed time, and a penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 2. A notice dated February 18, 2009 under Rule 4 of the Adjudication Rules was issued to the Noticee asking him to show cause as to why an inquiry should not be held against him and the prescribed penalty for the alleged violation of PIT Regulations and the Takeover Code not be imposed under Section 15A (b) of SEBI Act. Pursuant to the issuance of show cause notice, hearing was also granted to the noticee on the 20th of August, 2009 which was attended by the noticee’s representative – Shri Mahesh Varde, following which the noticee submitted his written submissions on the 28th of August, 2009.
Page 3 of 7 voting rights in that company to the company and to the stock exchanges where shares of the target company are listed. (2) The disclosures mentioned in sub-regulations (1) and (1A) shall be made within two days of,— (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be. …. …. Disclosure of interest or holding by directors and officers and substantial shareholders in a listed companies - Initial Disclosure. 13. (1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 4 working days of :—
Page 4 of 7 that its records do not show any disclosures made by the noticee regarding these acquisitions, as mandated by regulations 7(1) and 7(2) of the Takeover Code and Regulation 13(1) of the PIT Regulations.
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