sebi:CFD/SML/AO/DRK-CS/EAD-3/500/44-14
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee for non-compliance with SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 8(3)
- Reg. 6(1)
- Reg. 6(2)
- Reg. 7(3)
Parties
- Splash Mediaworks Ltd. (currently known as Splash Media & Infra Ltd.)
Holding
The Adjudicating Officer held that the Noticee violated regulations 6(2), 6(4), 7(3) and 8(3) of the SAST Regulations by failing to make required disclosures within stipulated time periods, and imposed a penalty of Rs. 15,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 3. A Show Cause Notice no. EAD-7/PB/SS/649/2010 dated April 08, 2010 (hereinafter referred to as "SCN") was sent to the Noticee in terms of the provisions of Rule 4 of the Rules requiring the Noticee to show cause as to why an inquiry should not be held against the Noticee and why penalty, if any, should not be imposed under Section 15A(b) of the SEBI Act for the alleged violation of the provisions of regulations 6(2), 6(4), 7(3) and 8(3) of SAST Regulations. However, the SCN sent by hand delivery could not be delivered since the office shifted. Therefore, the SCN was resent vide letter dated January 13, 2011 by hand delivery at its new address. Noticee vide its letter dated January 28, 2011 informed the receipt of the aforesaid SCN. In the said SCN, it was stated/ alleged that:
Page 3 of 7 company. Noticee further states that after such period the control and management of the company had undergone a change.
Page 4 of 7 8. The texts of the provisions of regulations 6(2), 6(4), 7(3) and 8(3) of SAST Regulations,1997 are reproduced hereunder:-
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:CFD/SML/AO/DRK-CS/EAD-3/500/44-14. 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.