sebi:CFD/VTIL/AO/DRK/MD/EAD-3/23/2009
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Facts / Headnote
Penalty imposed on noticee for non-compliance with disclosure regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 8(3)
- Reg. 6(2)
- Reg. 6(4)
- Reg. 8(2)
Parties
- Vision Technology India Ltd.
Holding
Vision Technology India Ltd. was held liable for failing to comply with disclosure requirements under Regulations 6(2), 6(4) and 8(3) of the SAST Regulations for the years 1997-2004, and a penalty of Rs. 2,50,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 10 3. 8(3) 30.04.1998 Not submitted ----- 4. 8(3) 30.04.1999 Not submitted ----- 5. 8(3) 30.04.2000 Not submitted ----- 6. 8(3) 30.04.2001 Not submitted ----- 7. 8(3) 30.04.2002 31.07.2002 92 days 8. 8(3) 30.04.2003 Not submitted ----- 9. 8(3) 30.04.2004 Not submitted ----- 10 7(3)
Page 3 of 10 referred to as ‘Authorized Representative / AR’) to represent it during personal hearing. During the personal hearing, AR undertook to submit detailed reply to the SCN, which shall include apart from other details, all disclosures made by the company to both the exchanges in which the VTIL was listed, date of such disclosure, proof of delivery of the same to the stock exchanges etc. The noticee vide its letter dated April 16, 2009 submitted a detailed reply to the SCN along with several enclosures. The noticee submitted that:- a) Corporation Finance department, Division of Corporate Restructuring, SEBI, vide its letter dated 3.12.2004 had advised us to confirm that we have not complied with regulation 8(2) and 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and provide explanation regarding the same. We filed our reply dated 11.12.2004 to the said letter dated 3.12.2004,wherein we had confirmed compliance with regulation 8(2) and 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and also enclosed copies of our declarations in support thereof. b) In response to the said SCN Vide our reply dated 6.08.2007 we submitted copies of statement of disclosures under Regulation 6(2), 6(4) and 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 in revised format filed with BSE from March 1998 to March 2004. With reference the said SCN dated 22.06.2007; we deny that we have failed to
Page 4 of 10 brought to our notice by the Stock Exchange, Mumbai vide its letter dated 2.07.2002. e) We therefore pray that the said unintentional delay and omission in filing statements of disclosure under Regulation 6(2) and 6(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 1997 be condoned and the said allegation of violation of the said Regulation against us be withdrawn. f) In this regard we would like to confirm that we have filed our statement of disclosures as required under the said regulation with the Bombay Stock Exchange vide our letter dated 26.07.2002 and Bangalore Stock Exchange vide our letter dated 26.07.2002. Hereto annexed are the copies of the said letters dated 26.07.2002 addressed to Stock Exchange, Mumbai and Stock Exchange of Bangalore respectively along with their acknowledgements. g) We would like to further submit that vide our letter dated 11.12.2004 in reply to SEBI letter dated 3.12.2004, we confirmed compliance with Regulation 8(2) and 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and also enclosed copies of our declarations in support thereof. Again in response to the said SCN vide our reply dated 6.08.2007 we submitted copies of statement of disclosures under Regulation 6(2),6(4) and 8(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 in revised format filed with BSE from March 1998 to March 2004. h) We deny that we have failed to comply with the disclosur
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Source: SecMarx — sebi:CFD/VTIL/AO/DRK/MD/EAD-3/23/2009. 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.