sebi:EAD/SR/SJ/AO/43/2018-19

SEBI · SEBI · 2017-07-10 · Sangeeta Rathod, Adjudicating Officer

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. 10,00,000 imposed under Section 15A(b)

Provisions invoked

Regulations

Parties

Holding

The Noticee violated Regulations 13(3), 13(4), 13(4A) read with Regulation 13(5) of SEBI (PIT) Regulations and Regulation 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations and was held liable to a consolidated monetary penalty of Rs. 10,00,000 under Section 15A(b) of the SEBI Act.

Full text

Adjudication Order against Mr. Abhishek Mehta in the matter of Acclaim Industries Limited. Page 2 of 12 Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under section 15A(b) of SEBI Act the alleged violations of provisions of Regulations 13(3), 13(4), 13(4A) read with Regulation 13(5) of SEBI (PIT) Regulations and Regulation 29(2) read with Regulation 29(3) of SEBI (SAST) Regulations by the Noticee. Subsequently, the matter was transferred to me and I was appointed as the Adjudicating Officer vide order dated July 10, 2017. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

Adjudication Order against Mr. Abhishek Mehta in the matter of Acclaim Industries Limited. Page 3 of 12 disclosure violations alleged to have been committed by him was provided to him in a following tabular format: Date No of shares held - pre Disposal as PAC % of shareholdi ng held - pre disposal No of shares dispose d off No of shares dispose d off as a % of paid up capital Value of transacti on > Rs 5 lac No of shares held - post disposal % of shareholdin g held - post / Disposal as PAC Mode( )

Adjudication Order against Mr. Abhishek Mehta in the matter of Acclaim Industries Limited. Page 4 of 12 6. The Noticee was also granted an opportunity of personal hearing vide hearing notice dated May 16, 2018 for hearing scheduled on June 28, 2018. The said hearing notice was affixed at the address of the Noticee and the affixture report is available on record. Further, a Public Notice was also given on May 30, 2018 in Times of India, Navbharat Times and Lokmat, all Mumbai Edition and Times of India and Sakal both Pune Edition. The said publication advised the Noticee to submit his reply within 14 days from the date of publication and to appear for Personal Hearing on June 28, 2018. However, neither did the Noticee appear on the scheduled date for personal hearing, nor has the Noticee filed any reply to the said SCN till date. CONSIDERATION OF ISSUES

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.

Analyse this matter in Ontology · Plans

Source: SecMarx — sebi:EAD/SR/SJ/AO/43/2018-19. 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.