sebi:BM/AO-90/2010
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Facts / Headnote
Violation established; penalty of Rs.1,50,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 8(3)
Parties
- Bluechip Stockspin Ltd.
Holding
The Noticee violated Regulation 8(3) of the SAST Regulations by making yearly disclosures for 2003 to 2009 only on 10.06.2009 against due dates of 30th April each year. A monetary penalty of Rs.1,50,000 under Section 15A(b) of the SEBI Act was imposed.
Full text
Page 2 of 9 3. As per the aforesaid offer document the acquirer entered into Share Purchase Agreement (hereinafter referred to as SPA) dated August 24, 2009 with the promoters of the Target Company viz: Ms. Naina Navin Gandhi, Ms. Neha Bhupendra Gandhi, Ms. Smitha Dharmendra Gandhi, Mr. Bhupendra Babulal Gandhi, Mr. Dharmendra Babulal Gandhi, M/s V Pray communication, Mr. Yogesh Kantilal Shah and Ms. Rita Yogesh Shah (hereinafter referred to as ‘the promoters’) to acquire 7,95,000 fully paid up equity shares of face value Rs.10 each fully paid-up representing 15.74% of the total equity shares of the Target Company. The aforesaid agreement to acquire shares and consequential change in control and management of the target company triggered the open offer for which the aforesaid offer document was filed.
Page 3 of 9 violation of Regulation 8(3) of the SAST Regulations as detailed below. A copy of the offer document was also sent alongwith the SCN. The SCN was duly received by the Noticee and the acknowledgement is available on record. Sl.No. Regulation/Sub Regulation Due date for compliance Actual Date for compliance 1. 8(3) 30.04.2003 10.06.2009 2. 8(3) 30.04.2004 10.06.2009 3. 8(3) 30.04.2005 10.06.2009 4. 8(3) 30.04.2006 10.06.2009 5. 8(3) 30.04.2007 10.06.2009 6. 8(3) 30.04.2008 10.06.2009 7. 8(3) 30.04.2009 10.06.2009
Page 4 of 9 provided to the Noticee in on August 11, 2010 at SEBI, head Office, Mumbai, vide notice dated July 30, 2010. The notice was sent through SEBI, Ahmedabad office (WRO). As WRO could not deliver the notice the same was pasted at the premises of the Noticee at the address stated above. It may mentioned that the Noticee was advised through the SCN that any change of address should be informed to the adjudicating officer as the proceedings were in progress. However no such intimation was given by the Noticee.
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Source: SecMarx — sebi:BM/AO-90/2010. 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.