sebi:EAD/KS/MKG/AO/215/2018-19
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Facts / Headnote
Monetary penalties imposed jointly or severally on the Noticees for violations of Regulation 7(1), 7(1A) read with 7(2) and Regulation 22(16) of SAST Regulations, 1997
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 11
- Reg. 199
- Reg. 10
- Reg. 44
- Reg. 11(1)
- Reg. 7(2)
- Reg. 30
- Reg. 11(2)
- Reg. 32
- Reg. 22(16)
Parties
- Shri Ghanshyam Das Kankani
- Shri Avinash Kankani
- Shri Abhay Baheti
- Ms. Madhu Lata Kankani
- Shri Umesh Kankani
- Sparton Leasing and Finance Ltd.
- Dwarika Investments Pvt. Ltd.
- Koraput Investments Pvt. Ltd.
- Western India Cements Ltd.
- Late Ms. Lakshmi Baheti (abated)
Holding
The Noticees were held liable for failing to make disclosures under Regulation 7(1) and 7(1A) read with Regulation 7(2) of SAST Regulations, 1997 upon acquiring 70.86% shareholding of Tirrihannah Company Limited, and for the SPA dated November 07, 2007 not containing the clause mandated by Regulation 22(16). Monetary penalties were imposed jointly or severally on the Noticees.
Full text
Page 2 of 22 of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the ‘SAST Regulations’) by promoters of TCL.
Page 3 of 22 (80.37%) i.e. acquisition of more than 2%, which required the promoter group to make disclosures in terms of Regulation 7(1A) of SAST Regulations, to the company and to the stock exchange, for the aforesaid acquisitions. However, it is observed that no disclosure was made by the Noticees (along with Late Ms. Lakshmi Baheti) in terms of Regulation 7(1) and 7(1A) read with Regulation 7(2) of SAST Regulations to TCL and to CSE where the shares of TCL were listed.
Page 4 of 22 Adjudicating Officer by the Competent Authority vide appointment order dated April 26, 2018 in the instant matter.
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Source: SecMarx — sebi:EAD/KS/MKG/AO/215/2018-19. 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.