sebi:CFD-DCR/GOSL/AO/DRK/SS/EAD3-65/2009
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Facts / Headnote
Penalty imposed on noticee for delayed public announcement
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 11
- Reg. 10
- Reg. 14(2)
Parties
- indiaSTAR (Mauritius) Limited
Holding
The noticee, indiaSTAR (Mauritius) Limited, violated Regulation 10 read with Regulation 14(2) of the Takeover Regulations by making the Public Announcement seven days late after its shareholding in GOSL crossed 15% upon conversion of OCDs. A penalty of Rs.2,00,000/- was imposed under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 7 22,72,727 equity shares and allotted the same on November 06, 2007 representing 9.54% of the paid up equity capital of GOSL. As a result of such conversion, the noticee’s effective aggregate shareholding as on the date of the Public Announcement (PA) became 21.56% of the paid up equity capital of GOSL.
Page 3 of 7 Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under Section 15H(ii) of the SEBI Act, the violations of Regulation 10 read with Regulation 14(2) of the Takeover Regulations alleged to have been committed by the noticee.
Page 4 of 7 Thereafter, a final opportunity of personal hearing was scheduled on July 21, 2009 vide the personal hearing notice dated July 03, 2009 and the same was sent by RPAD. The noticee again failed to appear for the final hearing without furnishing any reasons.
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Source: SecMarx — sebi:CFD-DCR/GOSL/AO/DRK/SS/EAD3-65/2009. 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.