sebi:BS/AO-68/2008

SEBI · SEBI · 2008-09-23 · Biju. S, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of; no violation found

Regulations

• Reg. 6(2)
• Reg. 7(3)

Holding

The adjudication proceedings against the noticee were disposed of as the Adjudicating Officer found that necessary disclosures had been made in compliance with Regulations 6(2), 6(4) and 8(3) of the Takeover Regulations, acknowledged by the stock exchange.

Full text

2 NOTICE AND REPLY 3. A Show Cause Notice (hereinafter referred to as ‘SCN’) A&E/BS/ASG/138904/2007 dated September 23, 2008, was issued to the noticee in terms of the provisions of Rule 4 of the Rules, requiring the noticees to show cause as to why an inquiry should not be held for the violation alleged to have been committed by it.

3 behalf of the noticee, after duly producing letter of authority form the noticee and its Board of Directors. Further, during the course of the hearing, the noticee produced originals of the documents previously submitted along with their replies to substantiate its contention that necessary disclosures had been made by it earlier. Subsequently, the noticee submitted that vide their letter dated October 21, 2008 addressed to the Bombay Stock Exchange the promoters of the noticee had requested BSE for a certified copy of their disclosures for production before SEBI. The copy of this letter was also submitted by the noticee. CONSIDERATION OF EVIDENCE AND FINDINGS

4 8. The issue for consideration in the matter is whether there had been any delay on the part of the noticees in complying with the provisions of Regulations 6(2), 6(4) and 8(3) of the Takeover Regulations. The text of the said Regulations are as follows: “Transitional provision

Source: SecMarx — sebi:BS/AO-68/2008. 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.