sebi:CO/EFD/DRA3/98/September/2016
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Facts / Headnote
Settlement of adjudication proceedings upon payment of settlement charges
Regulations
- Reg. 7
- Reg. 17
- Reg. 13(3)
- Reg. 14(1)
- Reg. 8(2)
- Reg. 7(2)
- Reg. 11(2)
Parties
- M/s. Sonymike's Holding Ltd.
- M/s. Punag Ltd.
- M/s. STP Exim Pvt. Ltd.
- M/s. STS Holdings Ltd.
- M/s. Reengus Exim Pvt. Ltd.
- Mr. Sunil Agrawal
- Ms. Shefali Agrawal
- Ms. Sheela Agrawal
- Mr. Rahimullah
- M/s. Shivram Properties Pvt. Ltd.
- Brett Plastics Private Ltd.
Holding
The settlement order disposes of the adjudication proceedings initiated against the applicants for non-compliance with various regulations of the Takeover Regulations, 1997 and delay in disclosures under the PIT Regulations, 1992, upon payment of Rs.52,31,150/- as settlement charges.
Full text
Ltd., M/s. Sonymike’s Holding Ltd., M/s. Punag Ltd., M/s. STP Exim Pvt. Ltd., M/s. STS Holdings Ltd., M/s. Reengus Exim Pvt. Ltd., Mr. Sunil Agrawal, Ms. Shefali Agrawal, Ms. Sheela Agrawal, Mr. Rahimullah and M/s. Shivram Properties Pvt. Ltd. (promoters) in the past had not complied with regulation 8(2) of Takeover Regulations, 1997 within the specified time during the years 2001 and 2002. Further, one of the promoters, M/s. Reengus Exim Pvt. Ltd. had not complied with the provisions of regulation 7(1A) read with regulation 7(2) of the Takeover Regulations, 1997 during the year 2002. It was also observed on perusal of the letter of Offer that there were several instances during the year 2005 wherein Brett Plastics Private Ltd., one of the promoters of the target company, had acquired shares of the target company along with other promoters acting in concert, but, inter alia, failed to comply with the provisions of regulation 11(2) read with regulation 14(1) of the Takeover Regulations, 1997.
6. Accordingly, the applicants have, vide Demand Draft No. 968504 dated July 13, 2016 drawn on Punjab National Bank, remitted a sum of Rs.52,31,150/- (Rupees Fifty Two Lakh Thirty One Thousand One Hundred Fifty only) towards the settlement charges.
3. Further, the applicant had triggered the requirement of disclosures of the said transactions in 2005 under regulation 13(3) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘PIT Regulations, 1992’). During these proceedings, the applicant informed SEBI that the aforesaid disclosures were made on September 8, 2014.
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Source: SecMarx — sebi:CO/EFD/DRA3/98/September/2016. 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.