sebi:EAD/PM-NK/AO/67/2018-19
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Facts / Headnote
abated
Provisions invoked
- s. 15H
- s. 15I
Regulations
- Reg. 11(2)
- Reg. 11
Parties
- Late Smt. Ginni Devi Modi
Holding
The adjudication proceedings initiated against the Noticee viz. Late Smt. Ginni Devi Modi vide SCN No. EAD-2/RG/14598/2014 dated May 20, 2014 are disposed of as abated without going into the merits of the case.
Full text
Modipon which comprised of 1) Daisy Investment Private Limited, 2) Ashoka Mercantile Limited, 3) Modi Intercontinental Private Limited, 4) Status Mark Finvest Limited, 5) Dr. M.K. Modi, 6) Dr. M.K. Modi HUF, 7) Ms. Veena Modi, 8) Mr. Manish Kumar Modi, 9) Ms. Aditee Modi, 10) Ms. Ruchika Modi, 11) Smt. Ginni Devi Modi, 12) Dr. D.K. Modi, 13) Ms. Renu Modi, 14) Transnational Growth Private Limited, 15) Modi Spinning and Weaving Mills Co. Limited, 16) UP State Industrial Development Corporation Limited and 17) Modi Industries Limited, were categorised as PACs. It was further observed that the above entities failed to make the public announcements in respect of the aforesaid acquisition thereby violating Regulation 11 (2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.
Investment Private limited and Ashoka Mercantile Limited had violated Regulation 11(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997. Copies of the documents relied upon in the SCN were provided to the Noticee along with the SCN.
10. In terms of the provisions of Rule 6 of the Adjudication Rules, a copy of this order is being sent to the present address of the Noticee available with SEBI and also to Modipon Limited, which had replied on behalf of the Noticee and also to SEBI.
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Source: SecMarx — sebi:EAD/PM-NK/AO/67/2018-19. 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.