sebi:CFD/APIL/AO/DRK-AKS/EAD3-605-618/149-162/2014
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Facts / Headnote
Penalty of Rs. 15,00,000 imposed jointly and severally on all noticees (except Mr. Madan Gopal) for failure to comply with Regulations 11(2) read with 14(1); proceedings against Mr. Madan Gopal abated due to death.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 10
- Reg. 14
- Reg. 11(1)
- Reg. 8(2)
- Reg. 11(2)
Holding
The noticees violated Regulations 11(2) read with 14(1) by acquiring 10,000 shares (0.14%) on September 15, 2005 when holding 61.16% without making a public announcement, and are liable to a penalty of Rs. 15,00,000 jointly and severally under Section 15H(ii); proceedings against Mr. Madan Gopal abated on his death.
Full text
Page 2 of 7 Act for the violation of Regulations 11 (2) read with 14 (1) alleged to have been committed by Capricon Industrials Ltd. (Acquirer), Mr. Bikramjit Ahluwalia, Ms. Sudarshan Walia, Ms. Rohini Walia, Ms. Rachna Uppal, Mr. Madan Gopal, Ahluwalia Builders & Development Group (Private) Limited, Mr. Shobhit Uppal, Mr. Vikas Ahluwalia, Mr. Raj Kumar Ahluwalia, Ms. Mukta Ahluwalia, Mr. Santosh Ahluwalia, Tidal Securities Pvt. Ltd. and Mr. MKG Pillai (PAC) (hereinafter referred to as 'noticees') and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 29.05.2014.
Page 3 of 7 Noticees humbly submit that at the time of the impugned acquisition, Capricon Industrials Ltd. did not realize that any provisions of Takeover Regulations were being violated. While noticees understand that the same cannot be considered to be sufficient justification for absolving them, noticees submit that the violation was inadvertent and that there was no willful and/or deliberate intention on the part of them to violate any provisions of the law. Noticees assure and promise that they will, henceforth, strictly adhere to the provisions of Takeover Regulations.
Page 4 of 7 September 15, 2005 by way of open market acquisition. The said acquired shares were dematerlised at a later date. The total holding of all the persons acting in concert as stated in the notice as on 30th September, 2005 was 44,13,852 shares constitute 61.30% There was an increase of 0.14% from the earlier holding with this acquisition.
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Source: SecMarx — sebi:CFD/APIL/AO/DRK-AKS/EAD3-605-618/149-162/2014. 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.