sebi:EAD/KS/VB/AO/49/2017-18
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11B
- s. 15
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 11
- Reg. 10
- Reg. 14(1)
- Reg. 1
- Reg. 11(2)
- Reg. 199
- Reg. 1(2)
Parties
- Mr. Umesh Purushottam Chamdia
Holding
The Noticee, promoter of Prism holding 57.70%, violated Regulation 11(2) of SAST, 1997 by acquiring 55,912, 29,437 and 14,151 shares through bulk deals without making a public announcement, and is liable to monetary penalty under Section 15H(ii) of the SEBI Act, 1992.
Full text
Page 2 of 23 various dates by way of bulk deals. However, no public announcement was made for the said acquisition by the Noticee as required under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the 'SAST, 1997’). SEBI has, therefore, initiated adjudication proceedings against the Noticee for the alleged violation of the provisions of Regulation 11 (2) of SAST, 1997.
Page 3 of 23 a) It was alleged that SEBI observed that one of the promoters of the Company viz., Mr. Umesh Purushottam Chamdia (hereinafter referred to as "You/ Noticee") had acquired shares through bulk deals when the promoter holding was more than fifty-five per cent (55%), but, less than seventy-five per cent (75%), as under:
Page 4 of 23 Facts: As stated in your letter, the following are details of purchases: Regulations: Consolidation of Holdings 11. (1).... (2) No acquirer, who together with persons acting in concert with him holds, fifty-five per cent (55%) or more but less than seventy-five per cent (75%) of the shares or voting rights in a target company, shall acquire either by himself or through [or with] persons acting in concert with him any additional shares entitling him to exercise voting rights or voting rights therein, unless he makes a public announcement to acquire shares in accordance with these Regulations:
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Source: SecMarx — sebi:EAD/KS/VB/AO/49/2017-18. 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.