sebi:BM/AO-20/2011
Facts / Headnote
Proceedings disposed without imposition of penalty; allegations not established
Provisions invoked
- s. 15
- s. 12A
- s. 15H
- s. 15J
Regulations relied on
- SEBI (PFUTP) Regulations, 2003 — 3(a)
- SEBI (PFUTP) Regulations, 2003 — 3(c)
- SEBI (PFUTP) Regulations, 2003 — 4(1)
- SEBI (PFUTP) Regulations, 2003 — 4(2)(e)
Parties
- Ashvin Kalu
Holding
The allegations of violation of regulations 3(a), 3(c) and 4(1) and 4(2)(e) of PFUTP and section 12A of SEBI Act against the Noticee were held not established, and the proceedings were disposed without penalty under section 15HA of 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/7985/2010 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 and hence, I am constrained to proceed with the matter on the basis of the material available on record. CONSIDERATION OF ISSUES AND FINDINGS
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Source: SecMarx — sebi:BM/AO-20/2011. 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.