sebi:BM/AO-5/2011
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Facts / Headnote
Violation of Regulation 8(3) for 2008 established and penalty of Rs.85,000 imposed; charges for Regulations 6(2), 6(4) and Regulation 8(3) for 1998-2002 dropped
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 6
- Reg. 8
- Reg. 8(3)
- Reg. 6(2)
- Reg. 8(2)
- Reg. 6(4)
Parties
- Maloo Polymers Ltd (Now known as Maloo Gems and Jewellery Ltd. (MGJL))
Holding
The Noticee violated Regulation 8(3) of the Takeover Regulations for 2008 by delayed disclosure and is liable to Rs.85,000 penalty under Section 15A(b); no violation of Regulations 6(2), 6(4) or Regulation 8(3) for 1998-2002 was established.
Full text
Page 2 of 11 2. Maloo Polymers Ltd(Now known as Maloo Gems and Jewellery Ltd. (MGJL)) (hereinafter referred to as “Noticee/The Company”) is a company incorporated and registered under the Companies Act, 1956 having its registered office at 306, Mahavir Chambers, Taratia Hanuman Galli, Hat Faliyu, Haripura, Surat – 395003 and Corp. Office at 32 Kala Bhavan, 3 Mathew Road, Opera House, Mumbai- 400004. The authorized share capital of MGJL as on the date of Public announcement was Rs 5,50,00,000 comprising of 55,00,000 shares of Rs.10/- each. The issued, subscribed and paid-up share capital of the company was Rs.5,02,00,000/- comprising of 50,20,000 equity shares of Rs.10/- each fully paid-up. The company was listed on Ahmedabad Stock Exchange (hereinafter referred to as ASE), Jaipur Stock Exchange (hereinafter referred to as JSE) Saurashtra and Kutch Stock Exchange (hereinafter referred to as SKSE) and Pune Stock Exchange (hereinafter referred to as PSE) at the relevant time.
Page 3 of 11 APPOINTMENT OF ADJUDICATING OFFICER 5. I was appointed as the Adjudicating Officer, vide order dated January 13, 2010, under Section 15I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act for the alleged violation of Regulations 6(2), 6(4) and 8(3) of Takeover Regulations committed by the Noticee.
Page 4 of 11 7. The Noticee was also called upon to show cause as to why an inquiry should not be initiated against it and penalty be not imposed under Section 15A (b) of the SEBI Act for the alleged violations.
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Source: SecMarx — sebi:BM/AO-5/2011. 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.