sebi:EAD/KS/AA/AO/91/2017-18
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Facts / Headnote
Penalty imposed on Noticee for failure to make disclosures under Takeover Regulations and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 173
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 7(2)
- Reg. 35(2)
Parties
- Anmol Insurance Consultants Private Limited
Holding
The Noticee violated Regulation 7(1) read with Regulation 7(2) of the Takeover Regulations and Regulation 13(1) of the PIT Regulations by failing to disclose its increase in shareholding of KML from 4.08% to 5.50% upon conversion of warrants, and a penalty of Rs. 5,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER 2. Shri D. Ravi Kumar was appointed as the Adjudicating Officer, vide communiqué dated June 13, 2013, under Section 15-I of the SEBI Act read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as 'Adjudication Rules') to inquire and adjudge under Section 15A(b) of the SEBI Act, the alleged violations committed by the Noticee. Pursuant to the transfer of Shri D. Ravi Kumar, Shri Suresh B. Menon was appointed as the Adjudicating Officer by the Competent Authority vide appointment order dated June 22, 2015. Thereafter, the Competent Authority vide communique dated December 14, 2017 has appointed the undersigned as Adjudicating Officer in the instant matter.
Page 3 of 13 shareholders of KML in its Annual General Meeting (AGM) held on 27th September 2010 by passing a special resolution. The warrants could be converted into shares, at any time, within a period of 18 months. The warrants entitled Anmol to 3,00,000 number of shares of KML post conversion of warrants. We exercised our option to convert the said warrants into shares on 28th January 2011 which resulted in increase in our shareholding from 4.08% of share capital to 5.50% of share capital.
Page 4 of 13 not, till date, sold the shares of KML and continue to hold 7,50,000 shares of KML and our name continues to appear as a shareholder in the shareholding pattern available at the website of BSE. A copy of the shareholding pattern available as on quarter ending June 2013 is enclosed at Annexure 2.
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Source: SecMarx — sebi:EAD/KS/AA/AO/91/2017-18. 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.