sebi:EAD/BJD/NJMR/144-151/2017-18

SEBI · SEBI · 2017-02-22 · B J DILIP, Adjudicating Officer

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Facts / Headnote

Violations established against all Noticees; monetary penalties imposed under Sections 15A(b) and 15H of the SEBI Act, 1992

Provisions invoked

Regulations

Parties

Holding

The Noticees, being promoters of P M Telelinks Ltd., were found to have violated the disclosure obligations under SEBI (PIT) Regulations, 1992 and SEBI (SAST) Regulations, 1997/2011 by failing to disclose changes in shareholding, failing to obtain pre-clearance for trades, entering into opposite transactions within six months, and failing to make a public announcement for acquisition of 6.35% shares by way of inter-se transfer. Monetary penalties were imposed on the Noticees under Sections 15A(b) and 15H of the SEBI Act, 1992.

Full text

Adjudication Order in the matter of P M Telelinks Ltd., Page 2 of 43 relating to Securities Market) Regulations, 2003 by certain connected entities. During the investigation, it was inter-alia observed by SEBI that the promoters of PMTL viz., Ravi Surana, Dipin Surana, Gulabchand Pukhraj Surana, Golkonda Engineering Enterprises Ltd., Kaveri India Ltd., Surana Securities Ltd., Meena Surana and 8K Miles Software Services Ltd., (formerly P M Strips Ltd.,) (hereinafter referred to as “Noticees”) had violated the provisions of SEBI (Prohibition of Insider Trading Regulations), 1992 (hereinafter referred to “PIT Regulations”) and SEBI (Substantial Acquisition of Shares & Takeovers), 1997 & 2011 (hereinafter referred to “SAST Regulations”), as applicable. The summary of findings in brief observed during the course of investigation in respect of the Noticees 1 to 8 and the corresponding violations of respective Regulations are furnished hereunder. Sl. No., Name of the Noticee Nature of findings in brief Violations observed 1 Gulabchand Pukhraj Surana Failed to disclose change in shareholding as required under PIT and SAST Regulations. Regulation 13(3) and 13(4) of PIT Regulations, 1992 and Regulation 7(1) and 7(1A) of SAST Regulations, 1997 (to be read with Regulation 35 of SAST Regulations, 2011). Failed to obtain valid pre- clearance for trades. Clause 3.3 of CoC – PIT adopted by the Company read with Regulation 12(1) of PIT Regulations, 1992. On five occasions entered into opposit

Adjudication Order in the matter of P M Telelinks Ltd., Page 3 of 43 3 Dipin Surana Failed to disclose change in shareholding as required under PIT and SAST Regulations Regulation 13(1) and 13(3) of PIT Regulations, 1992 and Regulation 7(1) and 7(1A) of SAST Regulations, 1997 (to be read with regulation 35 of SAST Regulations, 2011). 4 Golkonda Engineering Enterprises Ltd., Failed to disclose change in shareholding as required under PIT Regulations Regulation 13(3) of PIT Regulations, 1992 5 Surana Securities Ltd., 6 Kaveri India Ltd., 7 Meena Surana 8 8K Miles Software Services Ltd., (formerly known as P M Strips Ltd.,)

Adjudication Order in the matter of P M Telelinks Ltd., Page 4 of 43 Adjudication Rules and penalty be not imposed under section 15 A (b), 15H and Section 15HB of SEBI Act, 1992 (as applicable) for the violation alleged to have been committed by it. The SCN was delivered to the Noticees on October 14, 2017.

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Source: SecMarx — sebi:EAD/BJD/NJMR/144-151/2017-18. 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.