sebi:BM/AO-19-27/2012
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Facts / Headnote
Noticees held to have acted in concert and violated Regulation 10 and Regulation 7(1) of SAST Regulations, 1997; monetary penalty held imposable under sections 15A(b) and 15H of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 81
- s. 10
- s. 15J
- s. 15H
- s. 68A
- s. 187
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 3
- Reg. 2(1)
- Reg. 10
- Reg. 2
- Reg. 3(4)
- Reg. 26
- Reg. 38
- Reg. 3(1)
Parties
- GS Sridhar
- P V Muralikrishna
- A Rajendra Prasad
- R Shankar
- Dwarkadhish Import & Export (P) Ltd
- Burlington Financial Services (P) Ltd
- Hemdil Financial Services Ltd
- Ekveera Computers (P) Ltd
- Prathakal Comm. & Ag. (P) Ltd
Holding
The nine allottees acted in concert to acquire 66,56,000 shares constituting 15.85% of DASIL's paid-up capital through preferential allotment and, having failed to make a public announcement and disclosures, violated Regulation 10 and Regulation 7(1) of the SAST Regulations, 1997 and could not claim exemption under Regulation 3(1)(c).
Full text
2 share. The share capital of DASIL was 1,50,00,000 (after preferential allotment) out of which 30,00,000 shares were fully paid up at `. 10/- each. The rest i.e. 1,20,00,000 shares were partly paid up to the extent of 10% and thus, the total paid up capital of the company amounted to `.4,20,00,000/- . The capital structure of the company is given below;
3 Table - B No. Name of the applicant No. of shares % of paid up share capital 1. Burlington Financial Services (P) Ltd. 7,45,000 1.77
4 APPOINTMENT OF ADJUDICATING OFFICER 8. Mr. V.S. Sundaresan was appointed as Adjudicating Officer vide order dated March 27, 2008 under section 15 I of SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge the aforesaid alleged violation of SAST Regulation committed by the Noticees.
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Source: SecMarx — sebi:BM/AO-19-27/2012. 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.