sebi:EAD/KS/AA/AO/05/2017-18
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Facts / Headnote
Penalty of Rs 1,00,000 imposed on Upasna Distributers Private Limited
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 29(1)
- Reg. 29
- Reg. 29(3)
- Reg. 201
Parties
- Upasna Distributers Private Limited
Holding
The noticee violated Regulation 29(1) read with Regulation 29(3) of SAST Regulations, 2011 by failing to disclose acquisition of 80,000 shares crossing 5% shareholding, and a penalty of Rs 1,00,000 under Section 15A(b) of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 19 India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) read with Section 15-I(1) and 15-I(2) of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”), to inquire into and adjudge under Section 15A(b) of the SEBI Act, 1992 for violation of Regulation 29(1) read with 29(3) of SAST Regulations, 2011 alleged to have been committed by the noticee in the matter of the Target Company. Subsequently, I have been appointed as Adjudicating Officer in the present matter, vide order dated May 18, 2017.
Page 3 of 19 Table - I Holding before acquisition (as on March 31, 2015) Details of transaction (No. of Shares acquired by the acquirer) Holding after acquisition ( as on May 22, 2015) No. of shares % of holding Date Shares acquired No. of shares % of holding 5,93,826 4.85 22/05/2015 80,000 6,73,826 5.51
Page 4 of 19 received on July 24, 2017 but failed to avail of the opportunity of hearing on July 24, 2017. In its aforesaid letter dated July 21, 2017, the noticee inter alia made the following submissions: “(a) That, M/s Upasna Distributers Pvt. Ltd. had never placed any order to purchase 80,000 equity shares of the Target Company on May 22, 2015.
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Source: SecMarx — sebi:EAD/KS/AA/AO/05/2017-18. 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.