sebi:EAD/KS/AA/AO/130-140/2018-19
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Facts / Headnote
Violation of Regulation 3(1) and Regulation 4 of SAST Regulations, 2011 held established; penalty of Rs. 6,00,000 imposed jointly and severally under Section 15H(ii) of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 4
- Reg. 3(1)
Parties
- Shri Fateh Lal Shah
- Shri Jitendra Yadav
- Shri Alop Chatruvedi
- Shri Anil Tiwari
- Shri Anil Gagrani
- Shri Pushpendra Patel
- Shri Shivram Sharma
- Shri Govardhan Lal Prajapat
- Shri Arjun Geel
- Shri Rajesh Mantri
- Shri Puppy Chatruvedi
Holding
The Noticees collectively acquired 55,000 shares representing 27.50% of SIICL on March 30, 2013 and acquired control without making a public announcement of an open offer, thereby violating Regulation 3(1) and Regulation 4 of the SAST Regulations, 2011, and are liable to a penalty of Rs. 6,00,000 jointly and severally under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 12 Target Company were listed on the Ahmedabad Stock Exchange (hereinafter referred to as ‘ASE’) and subsequently were listed on the Bombay Stock Exchange with effect from July 16, 2015.
Page 3 of 12 violation of Regulation 3(1) and 4 of the SAST Regulations, 2011 alleged to have been committed by the Noticees.
Page 4 of 12 Noticees acquiring control over SIICL and consequently the Noticees were also required to make public announcement of an open offer as stipulated under Regulation 4 of the SAST Regulations, 2011. c) It was alleged that the Noticees failed to make a public announcement of an open offer for the aforesaid acquisition of 27.5% shares of SIICL and thereby violated Regulations 3(1) and Regulation 4 of the SAST Regulations, 2011. Sr. No. Regulation/sub- regulation Number of shares acquired Status of compliance 1 3(1) & 4 of SAST Regulations, 2011 55,000 (representing 27.50% of share capital of SIICL) Not complied
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Source: SecMarx — sebi:EAD/KS/AA/AO/130-140/2018-19. 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.