sebi:CFD/EAD-6/AO/AK/227/2014
Facts / Headnote
Settlement order disposing of adjudication proceedings against the applicant for delayed compliance of Regulation 7(3) and 8(3) of the Takeover Regulations upon payment of Rs. 2,72,000/-
Regulations relied on
- SEBI (SAST) Regulations, 1997 — 7(3)
- SEBI (SAST) Regulations, 1997 — 8(3)
Holding
SEBI settled the pending adjudication proceedings against the applicant for delayed compliance of Regulations 7(3) and 8(3) of the Takeover Regulations in exchange for payment of Rs. 2,72,000/- towards settlement charges.
Full text
Page 2 of 3 of which are as given below: i. Details of non-compliance of regulation 8(3) of Takeover Regulations are as given below: Regulation Due Date of compliance Date of compliance Delay - in no. of days 8(3) 30.04.2008 09.09.2008 132 8(3) 30.04.2009 15.05.2009 15 8(3) 30.04.2010 28.05.2010 27
Page 3 of 3 6. Accordingly, the applicant has vide demand draft No. '277428' dated November 21, 2014 drawn on 'Indian Overseas Bank', remitted a sum Rs. 2,72,000/- (Rupees Two Lakhs, Seventy Two Thousand only) towards the settlement charges.
ii. Details of non-compliance of regulation 7(3) of Takeover Regulations are as given below: Name of the Acquirer Date of transaction Pre holding (%) Shares Acquired (%) Shares /Sold Post holding (%) Due Date of compliance Date of compliance Delay - in no. of days Mr. Haribhai R Patel 12.08.2011 6.20 3,30,739 4.66% - 10.86 19.08.2011 25.01.2012 158 Mr. Haribhai R Patel 24.09.2011 10.86 8,35,570 11.76% 7,46,459 (10.50%) 12.11 3.10.2011 25.01.2012 113
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Source: SecMarx — sebi:CFD/EAD-6/AO/AK/227/2014. 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.