sebi:EAD/PM-AA/AO/53/2017-18
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Facts / Headnote
Show Cause Notice disposed of; allegations not sustained
Provisions invoked
- s. 15A
Regulations
- Reg. 13(4)
Parties
- Prashant Desai
Holding
The allegations of violation of Regulation 13(4) r/w 13(5) of the PIT Regulations against the Noticee were not sustained, and the Show Cause Notice was disposed of without imposing any penalty.
Full text
Adjudication Order in respect of Prashant Desai in the matter of FTIL Page 2 of 4 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under section 15A(b) of the SEBI Act the alleged violations of provisions of Regulation 13(4) r/w 13(5) of PIT Regulations by the Noticee. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order in respect of Prashant Desai in the matter of FTIL Page 3 of 4 7. Before moving forward, it is pertinent to refer to the relevant provisions of PIT Regulations which reads as under:- PIT REGULATIONS Continual Disclosure 13(4) Any person who is a director or officer of a listed company, shall disclose to the company and the stock exchange where the securities are listed in Form D, the total number of shares or voting rights held and change in shareholding or voting rights, if there has been a change in such holdings of such person and his dependents (as defined by the company) from the last disclosure made under sub-regulation (2) or under this subregulation, and the change exceeds Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whichever is lower.
Adjudication Order in respect of Prashant Desai in the matter of FTIL Page 4 of 4 ORDER 12. For the aforesaid reasons, the allegations levelled in the Show Cause Notice EAD/ADJ/PM/AA/OW/31699/2017 dated December 15, 2017 alleging violations of provisions of Regulation 13(4) r/w 13(5) of PIT Regulations, 1992 by the Noticee i.e. Shri Prashant Desai cannot be sustained and the SCN is disposed of.
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Source: SecMarx — sebi:EAD/PM-AA/AO/53/2017-18. 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.