sebi:BM/AO-88/2010
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Facts / Headnote
No penalty imposed; matter disposed of; proceedings held liable to be abated
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 6
- Reg. 3
- Reg. 10
- Reg. 11(1)
- Reg. 3(4)
- Reg. 20
- Reg. 3(1)(e)
Parties
- Manohar Lal Gupta (HUF)
Holding
The Adjudicating Officer held that the 26-day delay in filing the Regulation 3(4) report for the inter-se promoter transfer did not warrant penalty and disposed of the matter, holding the proceedings liable to be abated following the death of the HUF's Karta.
Full text
Page 2 of 7 Takeover Regulation, for the acquisition of shares of ALFL by Mr. Manohar Lal Gupta (HUF) (hereinafter referred to as Noticee) from other promoters of the company.
Page 3 of 7 That subsequent to the acquisition of 2, 54, 300 shares, holding of Manohar Lal Gupta (HUF) increased from 15.06% to 20.14% and as per Regulation 3 of SEBI(Substantial Acquisition of Shares and Takeover) Regulations, 1997, transfer amongst the promoter group is exempt under Regulation 3(1)(e) as inter-se transfer and requires submission of a report to SEBI along with supporting documents giving all details in respect of acquisition which entitle a person to exercise 15 per cent or more of the voting rights in a company as per under Regulation 3(4) of SEBI(SAST) Regulations, 1997. That because of the reasons as detailed below, there was ad little delay in filing of the report under Regulation 3(4):
Page 4 of 7 CONSIDERATION OF ISSUES 8. I have carefully perused the SCN, the written submission of the Noticee and the documents available on record. It is observed that the allegation, against the Noticee, is that he has failed to comply with Regulation 3(4) of the Takeover Regulations within the stipulated time.
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Source: SecMarx — sebi:BM/AO-88/2010. 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.