sebi:EAD/PM-NK/AO/35/2018-19
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Facts / Headnote
Penalty imposed on the Noticee for failure to make disclosures under SEBI (PIT) Regulations, 1992 and SEBI (SAST) Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 199
- Reg. 13(1)
- Reg. 29(1)
- Reg. 29(3)
- Reg. 29
- Reg. 35(2)
Parties
- Amax Network Private Limited
Holding
The Noticee, Amax Network Private Limited, violated Regulation 13(1) of SEBI (PIT) Regulations, 1992 and Regulation 29(1) read with 29(3) of SEBI (SAST) Regulations, 2011 by failing to make required disclosures within two working days of acquiring shares that took its holding from 4.15% to 5.51% on May 17, 2013. A monetary penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 15 2. The details of change in the shareholding on account of such acquisition of shares by the Noticee during May 2013 and the relevant disclosures that were required to be made under the SEBI (PIT) Regulations, 1992 and SEBI (SAST) Regulations, 2011 are as given below: Date of transacti on Pre- acquisiti on holding of shares Pre- acquisi tion holdin g in % Shares acquired Post- acquisition holding of shares Post- acquisition holing in % Due dated of Complianc e Actual Dated of Compli ance Disclosures required 17.05.2013 91,30,070 4.15% 30,00,000 1,21,30,070 5.51% 21.05.2013 Not complied 13(1) of SEBI (PIT) Regulations, 1992 & 29(1) r/w 29 (3) of SEBI (SAST) Regulations, 2011
Page 3 of 15 referred to as the ‘Adjudication Rules’) to inquire into and adjudge under section 15A(b) of the SEBI Act for the alleged violations of provisions of provisions of Regulation 13(1) of SEBI (PIT) Regulations, 1992 and Regulation 29 (1) read with 29(3) of SEBI (SAST) Regulations, 2011. Pursuant to transfer of Ms. Anita Kenkare. Mr. D. Sura Reddy was appointed as the Adjudicating Officer vide order dated October 4, 2017. Subsequently, the undersigned was appointed as the AO vide Order dated March 27, 2018 in the present matter. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Page 4 of 15 SEBI. The Noticee later replied vide letters dated August 8, 2014, August 26, 2014 and October 8, 2014. 9. Pursuant to the undersigned being appointed as the Adjudicating Officer in the present matter, another opportunity of personal hearing was granted to the Noticee on July 31, 2018 vide letter dated July 12, 2018. Subsequently, the Noticee requested for adjournment of the personal hearing vide email dated July 30, 2018 which was acceded to and another opportunity of personal hearing was granted on August 20, 2018 vide letter dated August 8, 2018. The Noticee was represented by its Director on the scheduled date of personal hearing. A written representation dated August 20, 2018 was also submitted during the personal hearing besides making oral submission and the same were taken on record. Further, the Noticee requested time for submitting additional written replies/submissions which was acceded to. The Noticee, subsequently vide email dated September 24, 2018 submitted additional replies in the matter and the same has been taken on record.
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Source: SecMarx — sebi:EAD/PM-NK/AO/35/2018-19. 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.