sebi:EAD/KS/AA/AO/3/2017-18
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Facts / Headnote
Adjudication proceedings disposed of; no violation found, no penalty imposed
Provisions invoked
- s. 15A
Regulations
- Reg. 29(1)
- Reg. 29
- Reg. 29(3)
- Reg. 2(1)(a)
Parties
- Modex International Securities Limited
Holding
The Adjudicating Officer held that the noticee, Modex International Securities Limited, was not an 'acquirer' under Regulation 2(1)(a) of the SAST Regulations, 2011 and therefore was not required to make disclosures under Regulation 29(1) read with 29(3), and the alleged violation was not established.
Full text
Page 2 of 15 15-I(1) and 15-I(2) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act, 1992”) and Rule 3 of the SEBI (Procedure of 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 15 Table - I Holding before acquisition ( as on March 31, 2015) Details of transaction (No. of shares bought and sold by the acquirer) Holding after acquisition ( as on June 05, 2015) No. of shares % of holding Date Shares Bought Shares Sold No. of shares % of holding
Page 4 of 15 5. Vide letter dated June 29, 2017 received on June 30, 2017, the noticee replied to the SCN and inter alia made the following submissions:
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Source: SecMarx — sebi:EAD/KS/AA/AO/3/2017-18. 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.