sebi:BM/AO-31/2011
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Facts / Headnote
Proceedings disposed of without imposition of penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 3(a)
Parties
- Santosh Narvekar
Holding
The allegations that Santosh Narvekar violated regulations 3(a), 3(c), 4(1) and 4(2)(e) of the PFUTP Regulations, 2003 were held not established, and the adjudication proceedings were disposed of without imposition of penalty under Section 15HA of the SEBI Act.
Full text
Page 2 of 10 2. Investigation observed that BEPL made premature favourable announcements regarding improvement in income and profit of the company for the quarter ended December 2004, acquisition of stake of another unlisted company M/s Uniword Telecom Limited (UTL) and development of ‘Spider Cell Technology’. 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 10 SHOW CAUSE NOTICE, HEARING AND REPLY 5. Show Cause Notice No. EAD-6/BM/JR/8064/2010 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 10 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-31/2011. 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.