sebi:EAD/KS/VB/AO/29-31/2017-18
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Facts / Headnote
Adjudication proceedings disposed of; no violation found, no penalty imposed
Provisions invoked
- s. 15A
Regulations
- Reg. 30(3)
- Reg. 30
- Reg. 30(2)
- Reg. 201
Parties
- Mr. Prannoy Roy
- Ms. Radhika Roy
- M/s RRPR Holdings Pvt Ltd
Holding
The allegation of delayed disclosures under Regulation 30(2) read with Regulation 30(3) of SAST, 2011 to BSE & NSE against the Noticees does not stand established and therefore does not attract any monetary penalty under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 Adjudicating Officer and thereafter, vide appointment order dated May 18, 2017 the Adjudication proceedings have been transferred to the undersigned which was intimated vide communiqué dated August 11, 2017 to inquire into and adjudge under Section 15A(b) of the SEBI Act, the violation of Regulation 30(2) of the SAST, 2011 alleged to have been committed by Mr.Prannoy Roy, Ms.Radhika Roy and M/s RRPR Holdings Pvt Ltd, promoters of NDTV (hereinafter collectively referred to as “Noticees”)
Page 3 of 7 2012 and the actual date of compliance was on June 15, 2012 on BSE, thus causing a delay of 64 days. b) As per the requirements of Regulation 30(2) read with Regulation 30(3) of SAST, 2011, the Noticees being promoters of NDTV were required to make disclosures regarding the aggregate shareholding and voting rights in NDTV as of March 31 within 7 working days from the end of each financial year to every Stock Exchange where the shares of the NDTV are listed and to the company. However, it was alleged that there was a delay of 64 days and 1 day in disclosure to BSE & NSE respectively for the financial year 2011-12.
Page 4 of 7 CONSIDERATION OF ISSUES AND FINDINGS 7. I have carefully perused the written submissions of the Noticees and the documents available on record. The issues that arise for consideration in the present case are : a) Whether the Noticees had violated the provisions of Regulation 30(2) read with Regulation 30(3) of the SAST, 2011? b) Does the violation(s), if any, attract monetary penalty under Section 15A(b) of the SEBI Act? c) If yes, what should be the quantum of penalty?
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Source: SecMarx — sebi:EAD/KS/VB/AO/29-31/2017-18. 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.