sebi:DSR/AO-02/2009

SEBI · SEBI · 2006-08-29 · D.S. Reddy, Adjudicating Officer

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 Noticee for violation of Regulation 7(1) of SAST and Regulation 13(1) of PIT

Provisions invoked

• s. 15A
• s. 15
• s. 391

Regulations

• Reg. 7
• Reg. 7(1)
• Reg. 13(1)

Parties

• Celica Developers Private Limited

Holding

The Noticee violated Regulation 7(1) of SAST and Regulation 13(1) of PIT by failing to disclose acquisition of 54,62,101 shares (37.95% of share capital) within the prescribed time frame, and a monetary penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act, 1992.

Full text

2 2. Thereafter, investigation into the affairs relating to buying and selling or dealing in the shares of the company was conducted by SEBI in order to ascertain as to whether any provisions of the SEBI Act, 1992 and various rules and regulations made there under, had been violated. The investigation period was taken from June 01, 2006 to July 31, 2006.

3 Disclosure of interest or holding by directors and officers and substantial shareholders in a listed companies - Initial Disclosure.

4 7. A detailed reply was filed by the Noticee vide letter dated December 16, 2008. The Noticee, inter-alia, contended that there was no violation of Regulations as alleged in the said SCN. The Noticee further submitted that 54,62,101 shares were transferred to them pursuant to the Scheme of Arrangement in accordance with section 391 and 394 of Companies Act, 1956 and the same was also approved by the Hon’ble High Court of Calcutta vide order dated January 25,

Source: SecMarx — sebi:DSR/AO-02/2009. 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.