sebi:CFD-DCR/LEDCPL/AO/DRK-DS/EAD3-465/08-2014
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Facts / Headnote
Penalty imposed on the noticee for violation of Regulations 8(1) and 8(2) of the SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 6
- Reg. 8(1)
Parties
- Lokhandwala Estates and Development Company Pvt. Ltd
Holding
The noticee, Lokhandwala Estates and Development Company Pvt. Ltd, was found to have violated Regulations 8(1) and 8(2) of the SAST Regulations by failing to make yearly disclosures within the stipulated time frame, and a penalty of Rs. 4,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 Shares and Takeover) Regulations, 2011 to inquire into and adjudge under Section 15A(b) of the SEBI Act, the violation of Regulations 8(1) and 8(2) of the SAST Regulations alleged to have been committed by Lokhandwala Estates and Development Company Pvt. Ltd (hereinafter referred to as 'the noticee/it'). The
Page 3 of 8 5. The noticee, vide its reply dated September 12, 2013, made the following submissions: a) Our entire holding in the equity shares in the company was divested in 2008 and the said company was taken over by Mr. Gautam Mehta and Mr. Jaimin Mehta after due compliance of the Takeover Regulations. b) We as such do not have any records to verify the alleged violations as stated in your SCN. c) The alleged violation, if at all had taken place, it had taken place at the initial stage of the implementation of the said Regulations, without any malafide intentions and neither the promoters nor the Company had gained by any such non compliance nor any investor suffered any loss.
Page 4 of 8 b. The ARs further submitted that pursuant to the alleged non disclosures within time neither anybody gained anything nor it caused prejudice to anyone.
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Source: SecMarx — sebi:CFD-DCR/LEDCPL/AO/DRK-DS/EAD3-465/08-2014. 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.