sebi:BM/AO-79/2010
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Facts / Headnote
Proceedings disposed of without imposition of penalty; alleged violations not established.
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 6
- Reg. 6(1)
- Reg. 8(2)
- Reg. 8(1)
Parties
- Ms. Nilima Maloo
Holding
The alleged violations of Regulations 6(1), 6(3), 8(1) and 8(2) of the Takeover Regulations for the years 1998 to 2002 and 2008 were not established against the Noticee, and no penalty was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 10 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 10 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(1), 6(3), 8(1) and 8(2), of Takeover Regulations committed by the Noticee.
Page 4 of 10 We refer to your notice issued to me and 12 other persons –viz. namely Mr. Ajay Maloo, Mr. Sanjay Maloo, Ms. Shalini Maloo, Ms. Nina Maloo, Ms. Nilima Maloo, Mr. Nirav Mehta, Mr. J.P. Maheswari, Ms. Darashna Bavisi, Mr Manoj Sharda, Ms. Rajni Sharda, Mr. Hemant Sharda and M/s Maloo Building Materials P Ltd. We wish to inform that some of the Noticees were the erstwhile promoters of Maloo Polymers Ltd. before it was taken over during March 2009. The Offer Document referred to in para 2 of your Notice was filed by the Merchant Banker on behalf of the Acquirers. We have gone through para 6.11 on page 15 of the said document forwarded to us by you alongwith Annexure 1 attached to the same. We have found that there is an error in the information furnished in the same and the actual date of compliance by the promoters etc. is inadvertently shown as the same date of actual compliance made by the Company. We give below the exact status of compliance in the following table:
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Source: SecMarx — sebi:BM/AO-79/2010. 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.