sebi:BM/AO-152/2013
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Facts / Headnote
Violation found; penalty of Rs. 3,00,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13(3)
- Reg. 1
Parties
- Prakash Devidas Securities Ltd.
Holding
The Noticee violated Regulation 7(1) read with 7(2) of SAST Regulations and Regulation 13(3) read with 13(5) of PIT Regulations and is liable to a monetary penalty of Rs. 3,00,000 under Section 15A(b) of the SEBI Act.
Full text
______________________________________________________________________________________ Prakash Devidas Securities Ltd. in the matter of DJS Shares and Stocks Limited Page 2 of 14 Regulations). It was further observed that the shareholding of the Noticee in the company reduced from 7.03% to 3.90% as a result of which Noticee was required to make necessary disclosures to the company under Regulation 13(3) read with 13(5) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as PIT Regulations).
______________________________________________________________________________________ Prakash Devidas Securities Ltd. in the matter of DJS Shares and Stocks Limited Page 3 of 14 a. That the non‐compliances as mentioned in the SCN were brought to my knowledge for the first time during June/July 2010 by the Manager to the offer viz. Vivro Financial Services Private Ltd. who were appointed by the acquirers viz. B.K. Dyeing & Printing Mills Pvt. Ltd., Sriram Stocks Management Pvt. Ltd. Malar Share Shoppe Ltd. (hereinafter, "Acquirers").
______________________________________________________________________________________ Prakash Devidas Securities Ltd. in the matter of DJS Shares and Stocks Limited Page 4 of 14 Shoppe Ltd. to sell his entire holding of 28,07,100 shares representing 55.80% of the total paid up equity share capital of the Company @ Rs.25/‐ and the said Acquirers in compliance of SEBI (SAST) Regulations, 1997 made Public Announcement on March 23, 2010. The said acquirers made an open offer in July 2010 to acquire 10,06,080 shares representing 20 % of the total paid up equity share capital of the Company @ Rs.45/‐. However in response thereto only 1,600 shares were tendered by the public shareholders. Thus the public shareholders had an opportunity to sell the shares @ Rs.45/‐ in July 2010.
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Source: SecMarx — sebi:BM/AO-152/2013. 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.