sebi:CFD/ATL/AO/DRK-AKS/EAD3-546/90-2014
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11
- s. 15
- s. 15H
- s. 13
- s. 77A
- s. 15J
- s. 9A
- s. 77A(7)
- s. 77A(9)
- s. 32
Regulations
- Reg. 4
- Reg. 3
- Reg. 5
- Reg. 4(2)
- Reg. 19
- Reg. 26
- Reg. 5A
- Reg. 19(1)
- Reg. 19(7)
Parties
- Apollo Tyres Ltd.
Holding
Apollo Tyres Ltd. failed to comply with the SEBI (Buy Back of Securities) Regulations, 1998 including Regulations 5A and 19(7), and a consolidated penalty of Rs. 1,03,00,000 under Section 15HB of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 19 alleged to have been committed by the noticee in the year 2003 and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 24.12.2013. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 3 of 19 5. The noticee vide its letter dated 12.02.2014 requested for extension of time by 2 weeks to submit a reply to the SCN as concerned officials of the noticee who were conversant with the allegations raised in the SCN were pre-occupied with statutory board meetings of the noticee. Vide our letter dated 17.02.2014 noticee was granted time till 28.02.2014 to submit a reply to the SCN.
Page 4 of 19 order, the Special Court has directed the Custodian to sell certain securities to ATL. It is called “buyback” because the Supreme Court has referred to the method as “buyback” and has also referred to Section 77A of the Companies Act,
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Source: SecMarx — sebi:CFD/ATL/AO/DRK-AKS/EAD3-546/90-2014. 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.