sebi:EAD/KS/AA/AO/50-62/2017-18
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Facts / Headnote
Penalty of Rs. 5,00,000 imposed jointly and severally on 11 Noticees for violation of Regulation 7(1A) of SAST Regulations, 1997; adjudication proceedings against Shri Varun Agarwal and Shri Debratan Raha disposed of as abated due to death.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 7
- Reg. 11
- Reg. 2(1)(e)
- Reg. 25
- Reg. 45
- Reg. 2(1)(b)
- Reg. 11(1)
Parties
- Shri Shailesh Agarwal
- Shri Balmukund Kumar
- Shri Hitesh Bhutla
- M/s Sterlite Metal Rolling Mills Pvt. Ltd.
- Shri Ajay Kumar
- Shri C. S. Raha
- Shri Varun Agarwal
- Shri Punnet Agarwal
- Shri Debratan Raha
- Shri Sanwarmal Agarwal
- Shri Subhash Patwari
- Mrs. Radha Ballabh Agarwal
- Shri K. K. Tiwari
Holding
The Noticees violated Regulation 7(1A) of the SAST Regulations, 1997 by failing to disclose their collective sale of 58,000 shares representing 14.50% of AVTIL on September 16, 2009, and are liable to monetary penalty under Section 15A(b) of the SEBI Act; proceedings against Varun Agarwal and Debratan Raha abate on death.
Full text
Page 2 of 18 Target Company’). The public announcement for the same was made on August 24, 2015 and the shares of the Company were listed on Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’).
Page 3 of 18 18, 2017, the proceedings were transferred to the undersigned which was intimated vide communique dated August 02, 2017.
Page 4 of 18 Sr. No. Regulation / Sub - Regulation Releva nt Year Date of Sale Transaction Due date for compliance Status of Compliance 1 7(1A) of SAST Regulations, 1997 2009- 10 September 16, 2009 September 18, 2009 Not Complied
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Source: SecMarx — sebi:EAD/KS/AA/AO/50-62/2017-18. 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.