sebi:BS/AO-/65/2008
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Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed.
Regulations
- Reg. 8
- Reg. 8(3)
Parties
- SGSL
Holding
The adjudication proceedings against the noticee were disposed of because the noticee had made the necessary disclosures under Regulation 8(3) of the Takeover Regulations, as evidenced by communications to the Bombay Stock Exchange bearing the Exchange's acknowledgement stamps.
Full text
2 4 Subsequently a copy of SCN was accepted by the representative (Shri Manoj Gujaran, Compliance officer) of the noticee during the course of the hearing of a related entity in the same matter. Considering the facts and circumstances of the case, it was decided to conduct an inquiry in the matter and vide the hearing notice dated October 15, 2008 the noticee was advised to attend the hearing scheduled on October 29, 2008.
3 “Regulations 8 (3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, states:- 8. (3) Every company whose shares are listed on a stock exchange, shall within 30 days from the financial year ending March 31, as well as the record date of the company for the purposes of declaration of dividend, make yearly disclosure to all the stock exchanges on which the shares of the company are listed, the changes, if any, in respect of the holdings of the persons referred to under sub regulation and also holdings of promoters or person(s) having control over the company as on 31st March.
4 10 It is further noted from the submissions made by the noticee that it has already disclosed the shareholding to the stock exchange pursuant to Regulation 8(3) of the Takeover Regulations on April 27, 2005 for the year ended March 31, 2005 and May 2, 2006 for the year ended March 31, 2006. . A copy of the acknowledgement was enclosed with the reply.
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Source: SecMarx — sebi:BS/AO-/65/2008. 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.