sebi:EAD/PM-NK/AO/46/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs. 3,00,000 imposed on the Noticee for violation of Regulation 13(6) of SEBI (PIT) Regulations, 1992
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
Regulations
- Reg. 7
- Reg. 199
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(6)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29
- Reg. 29(1)
- Reg. 35(2)
Parties
- Jay Energy And S. Energies Limited
Holding
The Noticee violated Regulation 13(6) of SEBI (PIT) Regulations, 1992 by failing to disclose to BSE information received from Air Travel Services Private Limited. A monetary penalty of Rs. 3,00,000 under Section 15A(b) of SEBI Act, 1992 was imposed.
Full text
Page 2 of 11 Regulations. 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 11 Tower, S.G. Highway, Makarba, Ahmedabad – 380051. Thereafter, the SCN was uploaded on the SEBI website under the caption unserved summons and Notices. It is observed that the Noticee is a listed company with the RoC Ahmedabad and as per the MCA website, the status of the company is active having address as mentioned above from which the SCN had returned undelivered. Therefore, a scanned copy of the SCN was also sent on the email of the Noticee available on the MCA website under the caption company master data. However, no response was received from the Noticee. Thereafter an opportunity of personal hearing was given to the Noticee vide letter dated July 11, 2018 which again returned undelivered. Thereafter, the hearing Notice along with the SCN was sent on its email id. jayenergynsenergys@gmail.com obtained from the MCA website as mentioned above. However, the Noticee did not respond to either the SCN or the hearing notice. It is pertinent to note here that as per material available on record, the last email received from the abovementioned email id of the Noticee was on March 14, 2018.Therefore another opportunity of personal hearing and reply was given to the Noticee vide letter dated August 14, 2018. The hearing notice along with the SCN was sent to the above mentioned email id. However, the Noticee did not respond. It is observed that there was no failure notice in respect of the hearing notices and the SCN sent on the above mentioned email id. In view of the
Page 4 of 11 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?
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD/PM-NK/AO/46/2018-19. 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.