sebi:EAD/PM-NK/AO/44/2018-19
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Facts / Headnote
Penalty imposed on the Noticee for violation of 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. 13(3)
- Reg. 29(1)
- Reg. 29
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 201
- Reg. 35(2)
Parties
- Air Travel Services Private Limited
Holding
The Noticee violated Regulation 29(1) and 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011 by failing to make requisite disclosures to the stock exchange(s), and a monetary penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act, 1992. The Noticee was given benefit of doubt regarding disclosures to the company under PIT and SAST Regulations.
Full text
Page 2 of 13 Investigation observed that shareholding of Air Travel Services Private Limited increased from 14,21,000 (4.18%) as on 01/04/2014 to 30,41,500 shares (8.94%) on 02/04/2014 and then decreased to 17,91,500 shares (5.27%) on 03/04/2014. The above increase in the shareholding from 4.18% to 8.94% is attributed to purchase of 16,20,500 shares in off-market transaction on 02/04/2014. Further, the decrease in shareholding from 8.94% to 5.27% is attributed to sale of 12,50,000 shares by way of market sale on 03/04/2014.
Page 3 of 13 be not imposed under section 15A(b) of the SEBI Act, 1992 for the alleged violations specified in the SCN. It was alleged in the SCN that the Noticee had violated the provisions of Regulations 13(1) and 13(3) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 and Regulation 29(1) and 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011. Copies of the documents relied upon in the SCN were provided to the Noticee along with the SCN.
Page 4 of 13 a. Whether the Noticee has violated the provisions of Regulations 13(1) and 13(3) read with Regulation 13(5) of SEBI (PIT) Regulations, 1992 and Regulation 29(1) and 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations, 2011? b. Do the violations, if any, on the part of the Noticee attract monetary penalty under Section 15A(b) of the SEBI Act,1992? c. If yes, then what would be the monetary penalty that can be imposed upon the Noticee, taking into consideration the factors mentioned in Section 15J of the SEBI Act read with Rule 5(2) of the Adjudication Rules?
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Source: SecMarx — sebi:EAD/PM-NK/AO/44/2018-19. 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.