sebi:EAD/PM-NK/AO/36/2018-19
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Facts / Headnote
Penalty imposed on the Noticee for violation of disclosure requirements under SEBI (SAST) Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7
- Reg. 199
- Reg. 29(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 201
- Reg. 35(2)
Parties
- Hridaynath Consultancy Private Limited
Holding
The Noticee violated Regulations 29(1) and 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011 by failing to disclose crossing of 5% shareholding threshold and a subsequent disposal of more than 2% shares, and a penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 15 6000 shares on NSE) and the aforesaid purchase of shares were credited to the demat account statement on November 25, 2011. With this acquisition/purchase of shares the total shareholding of the Noticee increased to 861780 shares which was 5.04% of the total paid-up share capital of the company/Astec. Prior to this acquisition, shareholding of the Noticee in Astec was 844780 shares which was 4.99% of the paid-up share capital of the company. The Noticee/Hridaynath on acquiring 5% shares or more of the paid-up share capital of the company, was required to disclose the aforesaid shareholding to the stock exchanges (BSE and NSE) where the company’s shares were listed and also to the target company (i.e. Astec Life Sciences Limited) in terms of Regulation 29(1) read with Regulation 29(3) of the SEBI (SAST) Regulations 2011.
Page 3 of 15 of provisions of provisions of Regulations 29(1), and 29(2) of SEBI (Substantial Acquisitions of Shares and Takeover) Regulations, 2011 (hereinafter referred to as SEBI (SAST) Regulations, 2011), read with Regulation 29(3) of SEBI (SAST) Regulations,
Page 4 of 15 and Takeover) Regulation, 2011 ( referred as SEBI (SAST) Regulations 1992 read with Regulation 29(3) of SEBI (SAST) Regulations, 2011. Further, vide the said Notice you have advised us to show cause as to why penalty not be imposed under Section 15 A (b) of SEBI Act, 1992. At the outset we submit that, save and except the contents of the Notice which are specifically admitted herein, all other averments, observations, allegations and
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Source: SecMarx — sebi:EAD/PM-NK/AO/36/2018-19. 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.