sebi:BS/AO-13/2009
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Facts / Headnote
Penalty imposed on noticees for delay in filing report under Takeover Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 11
- Reg. 3
- Reg. 10
- Reg. 12
- Reg. 3(4)
Holding
The noticees were found to have contravened Regulations 3(4) and 3(5) of the Takeover Regulations by delaying the filing of the required report by 2693 days, and a penalty of Rs. 50,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
2 and in this regard, it is alleged that there has been a delay of 2693 days in filing the report with Board. Therefore, it was alleged that noticees have contravened the provisions of Regulation 3(4) and 3(5) of the Takeover Regulations. On account of the said alleged violations, adjudication proceedings have been initiated against the noticees. The said violation attracts penalty under the provisions of Section 15A (b) of the SEBI Act. NOTICE AND REPLY
3 noticees till date. In view of the same, the inquiry is proceeded with on the basis of the material available on record.
4 of offer made disclosures that they intend to acquire additional shares beyond their entitlement if the issue is undersubscribed. Provided further that this exemption shall not be available in case the acquisition of securities results in the change of control of management; The text of the Regulations 3(4) and 3(5) of the Takeover Regulations are as
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Source: SecMarx — sebi:BS/AO-13/2009. 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.