sebi:BM/AO-4-6/2012
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Facts / Headnote
Penalty of Rs. 1,00,000 each imposed on the three Noticees for violation of Regulation 7(1) r/w 7(2) of SAST Regulations
Provisions invoked
- s. 41(3)
- s. 15A
- s. 15
- s. 11
- s. 15I
- s. 15J
- s. 10
- s. 152A
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 3
- Reg. 7(2)
Parties
- Homiyar Firoze Mistry
- Urmila Lakhotia
- Uday Chandar Mohite
Holding
The three Noticees along with Shri Mukesh Saboo acted in concert and collectively acquired 10.89% of the paid-up capital of Fact Enterprises Ltd triggering disclosure under Regulation 7(1) r/w 7(2) of SAST Regulations, which they failed to make. A monetary penalty of Rs. 1,00,000 each was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 14 2. Before proceeding in the matter, it is pertinent to mention here that Shri Mukesh has filed his consent application which is pending as on date. Therefore, it would not be appropriate to record any finding with respect to him. However, in order to appreciate the facts of this case, his reference in the whole scheme of things cannot be avoided and will therefore, be recorded wherever necessary.
Page 3 of 14 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 6. A common Show Cause Notice (hereinafter referred to as “SCN”) dated May 16, 2011 was issued to the Noticees under rule 4(1) of SEBI Rules communicating the alleged violation of Takeover Regulations.
Page 4 of 14 opportunity of hearing was granted to the Noticees on 15.12.2011 vide notice dated 24.11.2011. 9. The AR appeared on behalf of the Noticees and submitted reply to the SCN vide letter dated 15.12.2011. The allegations leveled against the Noticees were denied and the following
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Source: SecMarx — sebi:BM/AO-4-6/2012. 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.