sebi:EAD/AO-NP/JR/44/2017
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Facts / Headnote
Show Cause Notices disposed of without imposition of monetary penalty
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(4)
- Reg. 13(1)
- Reg. 13(3)
- Reg. 1
- Reg. 13(6)
- Reg. 7(1)
- Reg. 13(5)
Parties
- Hemo Organic Limited
- Dineshbhai Shanabhai Patel
Holding
The Adjudicating Officer found failure by Noticee 2 to disclose change in shareholding to the exchange under Regulation 13(4) read with 13(5) and failure by Noticee 1 under Regulation 13(6) of the PIT Regulations, but disposed of the SCNs without levying monetary penalty under Section 15A(b).
Full text
Page 2 of 9 as “Noticee 2”) in quarter ending September 30, 2011. The shares of the company is listed in BSE Ltd. (hereinafter referred to as “BSE”).
Page 3 of 9 6. It is observed from the above share holding pattern that, there was a reduction of 60,000 shares (1.73% of total share capital) in holding of Noticee 2 in quarter ending on September 30, 2011. Noticee 2 being the promoter and director of the company was required to make disclosures to the company and the exchange from the beginning of FY 2011 i.e. April 01, 2011. The changes in the holding along with date of sell transaction and date when disclosure requirement under PIT Regulations were triggered, is as below:
Page 4 of 9 7. It is observed that Noticee 1 had confirmed receipt of the disclosure made by Noticee 2 under regulation 13(4) of PIT Regulations. However, on perusal of the BSE website, it was found that no disclosure was made by Noticee 1 to the exchange.
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Source: SecMarx — sebi:EAD/AO-NP/JR/44/2017. 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.