sebi:DSR/AO-38/2008
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Facts / Headnote
Violation established; monetary penalty of Rs. 50,000 imposed jointly and severally on the noticees under Section 15A(b) of the SEBI Act, 1992.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15I(2)
Regulations
- Reg. 13(3)
- Reg. 2(c)
- Reg. 8(3)
- Reg. 6
- Reg. 2(h)
- Reg. 8(1)
- Reg. 8
Parties
- Rajendra Kumar Banthia
- Surendra Kumar Banthia
- Saroj Banthia
Holding
The noticees, as members of a single promoter group holding more than 15% of NBL, were held to have violated Regulation 8(1) & 8(2) of the SAST Regulations, 1997 and Regulation 13(3) of the Insider Trading Regulations, 1992 by failing to make required disclosures, and a penalty of Rs. 50,000 was imposed jointly and severally.
Full text
Page 2 of 10 NOTICE, REPLY & PERSONAL HEARING 3. A Show Cause Notice (hereinafter referred as ‘SCN’) dated January 10, 2008 under Rule 4(1) of the Adjudication Rules was issued to Rajendra Kumar Banthia, Surendra Kumar Banthia and Saroj Banthia along with the Annexure, for the alleged violation of Regulation 13(3) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred as “Insider Trading Regulations”) and Regulation 8(1) & 8(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred as “SAST Regulations”).
Page 3 of 10 FCF(India) Limited 3,533 0.0347 Total as on March 31, 2002 12,44,358 12.1995 Rajendra K Banthia Group 8,07,700 7 .9186 Shrikant Mantri Group 3,22,212 3.1590 FCF(India) Group NIL NIL Total as on June 30, 2002 11,29,912 11.0776 Rajendra K Banthia Group 8,07,700 7 .9186 Shrikant Mantri Group 2,91,912 2.8619 FCF(India) Group NIL NIL Total as on September 30,2002 10,99,612 10.7805 Rajendra K Banthia Group 8,07,700 7.9186 Shrikant Mantri Group 2,91,697 2.8598 FCF(India) Group NIL NIL Total as on December 31, 2002 10,99,397 10.7784 Rajendra K Banthia Group 8,07,700 7.9186 Shrikant Mantri Group 1,29,900 1.2735 FCF(India) Limited NIL NIL Total as on January 31, 2003 9,37,600 9.1921
Page 4 of 10 were never a promoter of NBL. He further submitted that they have been shareholders of NBL since its IPO in 1992 and had thereafter also subscribed to a rights issue brought out by NBL in 1996. However, neither at the IPO nor at the rights issue were they ever considered as promoters of the company. He submitted that the said Board Resolution was passed without their consent or knowledge and they became aware of the said Board Resolution only upon receipt of the SCN dated January 10, 2008. Therefore, he submitted that the members of Banthia Group can not be
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Source: SecMarx — sebi:DSR/AO-38/2008. 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.