sebi:BM/AO-16/2011
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Facts / Headnote
Proceedings disposed of without imposition of penalty; allegations not established.
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Vira Hirpara
Holding
The Adjudicating Officer held that the allegations of violation of regulations 3(a), 3(c), 4(1) and 4(2)(e) of the PFUTP Regulations and section 12A of the SEBI Act against the Noticee, Vira Hirpara, were not established, and no penalty was imposed under section 15HA of the SEBI Act.
Full text
Page 2 of 12 2. Investigation observed that BEPL made certain announcements pertaining to acquisition of Uniword Telecom Ltd. (hereinafter referred to as “UTL”). These announcements prima facie appeared to be misleading. It was observed that before the announcements were made by the company the promoters of the company transferred the shares held by them in BEPL in physical form to certain entities. These entities in turn after dematerializing the shares transferred to other entities or sold in the market.
Page 3 of 12 SHOW CAUSE NOTICE, HEARING AND REPLY 5. Show Cause Notice No. EAD-6/BM/JR/7986/2010 dated June 10, 2010 (hereinafter referred to as “SCN”) was issued to the Noticee under rule 4(1) of the Rules to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed on the Noticee under section 15HA of SEBI Act for the alleged violation specified in the said SCN.
Page 4 of 12 appear for hearing. For the reasons mentioned above, I observe that the Noticee was provided with enough opportunity to submit reply / be heard and hence, I am constrained to proceed with the matter on the basis of the material available on record.
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Source: SecMarx — sebi:BM/AO-16/2011. 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.