sebi:DSR/AO-39/2008
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Facts / Headnote
Violation established; monetary penalty imposed
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
- The First Custodian Fund (India) Ltd.
Holding
The noticee, The First Custodian Fund (India) Ltd., was found to have violated Regulation 13(3) of the Insider Trading Regulations and Regulation 8(1) & 8(2) of the SAST Regulations by failing to make required disclosures, and a monetary penalty of Rs. 25,000 was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 9 Takeovers) Regulations, 1997 (hereinafter referred as “SAST Regulations”). 4. The noticee filed reply dated September 22, 2008. Personal hearing in the matter took place on October 11, 2008 which was attended by Mr. Deepak M. Dhane, Advocate. He reiterated the submissions made vide letter dated September 22, 2008. He also undertook to submit copies of the Annual Reports for the year 2001-02 and 2002-03 of NBL which he did vide letter dated October 14, 2008. He submitted that there is no annual report for the year 2002-2003 since NML was merged with Punjab National Bank (hereinafter referred as “PNB”).
Page 3 of 9 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 9 11. A Notice dated October 16, 2008 under Section 15I(2) of the SEBI Act, 1992 read with rule 4(6) of Adjudication Rules was issued to PNB, advising it to submit the following documents. • Certified copy of the board resolution dated October 30, 2001. • Certified copies of the documentary evidence relied upon while deciding to treat the aforesaid groups as a ‘single group and as promoters’. • Certified copies of the communication, if any, sent to the aforesaid groups communicating the decision of the Board to treat them as a single group and as promoters. • Certified copy of Annual Reports of NBL pertaining to year 2001-2002 and 2002-2003.
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Source: SecMarx — sebi:DSR/AO-39/2008. 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.