sebi:CFD/SIL/AO/DRK-CS/EAD-3/548-551/92-95-14
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Facts / Headnote
Penalty imposed on all Noticees for non-compliance with regulations 8(1) and 8(2) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8(2)
- Reg. 8(1)
Holding
The Noticees were held liable for non-compliance with regulations 8(1) and 8(2) of the SAST Regulations for delayed yearly disclosures from 2004 to 2010 and non-compliance for 2011, and a penalty of Rs. 3,00,000 was imposed jointly and severally on all Noticees under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 APPOINTMENT OF ADJUDICATING OFFICER 2. The undersigned was appointed as Adjudicating Officer under Section 15-I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the "SEBI Act") read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the "Rules") and the same was communicated vide proceedings of Whole Time Member appointing Adjudicating Officer dated March 18, 2013, to inquire into and adjudge under Section 15A(b) of the SEBI Act, for the alleged violation of the provisions of regulation 8(1) and 8(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 1997 (hereinafter referred to as "SAST Regulations").
Page 3 of 7 "there has been inadvertent delay ranging between 2 to 7 days in respect of filing disclosures to the company under Regulation 8(2) of SEBI Takeover Regulations. However, there has been no change in the shareholding in respect of shares held by us during the said period as disclosed in the shareholding pattern under clause 35 filed regularly with BSE Ltd.
Page 4 of 7 8. Before moving forward, it would be pertinent to refer to the following provisions, which reads as under- 8. (1) Every person, including a person mentioned in regulation 6 who holds more than [fifteen] per cent shares or voting rights in any company, shall, within 21 days from the financial year ending March 31, make yearly disclosures to the company, in respect of his holdings as on 31st March.
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Source: SecMarx — sebi:CFD/SIL/AO/DRK-CS/EAD-3/548-551/92-95-14. 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.