sebi:EAD/SM/AO/01/2017-18
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Facts / Headnote
Monetary penalty of Rs. 1,00,000 imposed on each Noticee under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(6)
- Reg. 29
- Reg. 29(1)
Parties
- Baid Leasing and Finance Limited
- Mr. Aman Baid
Holding
Noticee no. 1 (Baid Leasing and Finance Limited) violated Regulation 13(6) of the PIT Regulations and Noticee no. 2 (Mr. Aman Baid) violated Regulation 29(1) read with Regulation 29(3) of the SAST Regulations by failing to make required disclosures to the Bombay Stock Exchange, and each Noticee was imposed a monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 11 Order in the matter of Baid Leasing and Finance Limited Appointment of Adjudicating Officer 2. SEBI had initiated adjudication proceedings in the matter and Shri D Sura Reddy was appointed as Adjudicating Officer vide order dated July 18, 2016 under Section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "SEBI Act"), read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15A (b) of the Act, the alleged violation of the provisions of law by Notice no. - 1 & 2. Subsequent to transfer of the case, I have been appointed as Adjudicating Officer (AO), vide order dated May 18,
Page 3 of 11 Order in the matter of Baid Leasing and Finance Limited Consideration Of Issues, Evidence And Findings 5. I have carefully perused the oral and written submissions of the Noticees and the documents available on record. The issues that arise for consideration in the present case are :
Page 4 of 11 Order in the matter of Baid Leasing and Finance Limited (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to, (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office. Relevant provisions of PIT Regulations: Disclosure of interest or holding in listed companies by certain persons – Initial Disclosure 13. (1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 2 working days of :—
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Source: SecMarx — sebi:EAD/SM/AO/01/2017-18. 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.