sebi:EAD/KS/VB/AO/02/2017-18
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated June 08, 2017 disposed; violation of Regulation 3(2) of SAST, 2011 not established, no penalty imposed
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 2(1)
- Reg. 2
- Reg. 29(2)
- Reg. 2(1)(q)
- Reg. 3(2)
- Reg. 2(1)(e)(2)
- Reg. 2(1)(e)(1)
Parties
- Dr Chandra Kumar Jain
Holding
The Adjudicating Officer held that Dr Chandra Kumar Jain was not a person acting in concert with Vivekshil Dealers Pvt. Ltd. and other promoters and therefore did not violate Regulation 3(2) of the SAST Regulations, 2011. The adjudication proceedings were disposed of with no monetary penalty under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 19 APPOINTMENT OF ADJUDICATING OFFICER 3. Shri Prasad Jagdale was appointed as Adjudicating Officer vide an order dated November 13, 2015 under section 15 I(1) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”) to inquire into and adjudge under section 15H(ii) of the SEBI Act,1992 for the alleged violations of provisions of Regulation 3(2) of the SAST, 2011 by the Promoters of GPIL, including Dr Chandra Kumar Jain (hereinafter referred to as ‘Noticee/Dr C K Jain’). Pursuant to the transfer of Shri Prasad Jagdale, Shri Suresh Gupta was appointed as Adjudicating Officer and thereafter, the Adjudication proceedings have been transferred to me vide Order dated May 18, 2017.
Page 3 of 19 a) It was observed that Vivekshil Dealers Pvt. Ltd., one of the promoters of GPIL had purchased the shares of GPIL during the period August 22, 2013 to September 23, 2013 (hereinafter referred to as ‘Relevant Period’). The details of purchases by Vivekshil Dealers Pvt. Ltd are as tabulated below
Page 4 of 19 The said purchase requires making an open offer as per SAST, 2011. However, the acquirer Vivekshil Dealers Pvt. Ltd. along with PAC namely Kailash Industries Ltd., Genus Paper and Board Ltd. and Dr C K Jain had failed to make an open offer for acquiring shares of GPIL as required under Regulation 3(2) of the SAST, 2011
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Source: SecMarx — sebi:EAD/KS/VB/AO/02/2017-18. 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.