sebi:BS/AO/77-85/2017-18
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Facts / Headnote
Noticees held to have violated Regulation 7(1A) of SAST Regulations, 1997; penalty imposed (lenient view taken)
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 11
- Reg. 10
- Reg. 13(1)
- Reg. 13(3)
- Reg. 2(1)(b)
- Reg. 11(1)
- Reg. 13(4)
- Reg. 7(2)
- Reg. 11(2)
- Reg. 35
Holding
The Noticees, acting in concert, violated Regulation 7(1A) of the SAST Regulations, 1997 by failing to disclose an increase in collective shareholding from 41.82% to 51.52% (an increase of more than 2%) upon conversion of warrants on April 11, 2009. The AO also found Noticees 1, 2 and 3 in violation of Regulation 7(1) read with 7(2) of SAST Regulations, 1997 for failing to disclose crossing of 5% and 10% thresholds, and alleged violations of PIT Regulations, 1992 against Noticees 1, 2, 5 and 8.
Full text
Page 2 of 24 Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”) read with Regulation 35 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST Regulations, 2011) by i) Vasparr Shelter Ltd. (presently known as RV Lifestyle Limited) (Noticee no. 1) ii) Vasparr Trading Pvt Ltd (presently known as Vas Educomp Pvt Ltd) (Noticee no. 2), iii) Pushpanjali Drums Pvt Ltd. (Noticee no. 3), iv) Yashraj Containeurs Ltd. (Noticee no. 4), v) Precision Containeurs Ltd. (Noticee no. 5), vi) Shri Raj J. Valia (Noticee no. 6), vii) Shri Madhav J. Valia (Noticee no. 7), viii) Shri Jayesh V. Valia (Noticee no. 8) and ix) Jayesh V. Valia (HUF) (Noticee no. 9). Noticee No. 1 to 9 are hereinafter collectively referred to as “Noticees”.
Page 3 of 24 acquisition, and b) Regulation 13(1) of PIT Regulations, 1992 when it failed to make disclosure to the company in Form-A.
Page 4 of 24 APPOINTMENT OF ADJUDICATING OFFICER 9. Shri S.V. Krishnamohan, Chief General Manager was appointed as the Adjudicating Officer (AO) vide order dated September 24, 2015 to inquire into and adjudge under Section 15A(b) of the SEBI Act, 1992, the aforesaid violations alleged to have been committed by the Noticees. Subsequently, the undersigned was appointed as the Adjudicating Officer vide order dated September 15, 2017 in the place of Shri S. V. Krishnamohan in the present matter.
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Source: SecMarx — sebi:BS/AO/77-85/2017-18. 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.