sebi:EAD/PM-NK/AO/76/2018-19

SEBI · SEBI · 2018-03-27 · Prasanta Mahapatra, Adjudicating Officer

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Facts / Headnote

Show Cause Notices dated May 20, 2014 disposed without imposition of any penalty - no violation found

Provisions invoked

Regulations

Parties

Holding

The 13 promoter/promoter-group Noticees did not violate Regulation 11(2) of the SEBI (SAST) Regulations, 1997 in respect of share acquisitions by Daisy Investment Private Limited and Ashoka Mercantile Limited, and the Show Cause Notices issued to them were disposed without penalty.

Full text

Adjudication Order in the matter of Modipon Limited . Page 2 of 11 Regulations, 1997 (hereinafter referred to as the ‘SAST Regulations’) by its promoters; namely: Sl. No. Noticee Name Sl. No. Noticee Name 1 Daisy Investment Private Limited 9 Ms. Aditee Modi, 2 Ashoka Mercantile Limited 10 Ms. Ruchika Modi, 3 Modi Intercontinental Private Limited 11 Smt. Ginni Devi Modi 4 Status Mark Finvest Limited 12 Dr. D.K. Modi 5 Dr. M.K. Modi, 13 Ms. Renu Modi 6 Dr. M.K. Modi HUF 14 Transnational Growth Private Limited 7 Ms. Veena Modi 15 Modi Spinning and Weaving Mills Co. Limited 8 Mr. Manish Kumar Modi 16 UP State Industrial Development Corporation Limited 17 Modi Industries Limited

Adjudication Order in the matter of Modipon Limited . Page 3 of 11 Takeover) Regulations, 1997. It was alleged that the aforesaid 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. APPOINTMENT OF ADJUDICATING OFFICER 5. Mr. D. Sura Reddy was appointed as the Adjudicating Officer under section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalty by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the ‘Adjudication Rules’) to inquire into and adjudge under section 15H (ii) of the SEBI Act, 1992 for the alleged violations of provisions of Regulation 11 (2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as the SEBI (SAST) Regulations, 1997or the Takeover Regulations, 1997) by the Noticees. Subsequently, I was appointed as the Adjudicating Officer in place of Mr. D. Sura Reddy in the present matter vide order dated March 27, 2018. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

Adjudication Order in the matter of Modipon Limited . Page 4 of 11 3 Dr. M.K. Modi, (hereinafter referred to as ‘M.K. Modi) EAD-2/RG/14600/2014 Dated May 20, 2014 4 Dr. M.K. Modi HUF (hereinafter referred to as ‘M.K. Modi (HUF)) EAD-2/RG/14602/2014 Dated May 20, 2014 5 Ms. Veena Modi (hereinafter referred to as ‘Veena Modi) EAD-2/RG/14603/2014 Dated May 20, 2014 6 Mr. Manish Kumar Modi (hereinafter referred to as ‘Manish Modi) EAD-2/RG/14605/2014 Dated May 20, 2014 7 Ms. Aditee Modi (hereinafter referred to as ‘Aditee Modi) EAD-2/RG/14609/2014 Dated May 20, 2014 8 Ms. Ruchika Modi (hereinafter referred to as ‘Ruchika Modi) EAD-2/RG/14606/2014 Dated May 20, 2014 9 Dr. D.K. Modi (hereinafter referred to as ‘D.K. Modi) EAD-2/RG/14607/2014 Dated May 20, 2014 10 Ms. Renu Modi (hereinafter referred to as ‘Renu Modi) EAD-2/RG/14613/2014 Dated May 20, 2014 11 Transnational Growth Private Limited (hereinafter referred to as ‘Transnational) EAD-2/RG/14614/2014 Dated May 20, 2014 12 Modi Spinning and Weaving Mills Co. Limited (hereinafter referred to as ‘MSWM) EAD-2/RG/14617/2014 Dated May 20, 2014 13 Modi Industries Limited (hereinafter referred to as ‘MIL) EAD-2/RG/14619/2014 Dated May 20, 2014 It was alleged in the SCN that the Noticees (promoters and promoter group entities) as PAC with Daisy Investment Private Limited and Ashoka Mercantile Limited had violated Regulation 11(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations,

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Source: SecMarx — sebi:EAD/PM-NK/AO/76/2018-19. 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.