sebi:EAD/SR/SM/AO/2019-20/5249/126
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Facts / Headnote
Penalty imposed on Noticee for violations of SAST Regulations, 2011 and SEBI Circular
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 28A
- s. 23
Regulations
- Reg. 31(1)
- Reg. 31(2)
- Reg. 31(3)
- Reg. 31
Parties
- Komal Duke
Holding
The Noticee, Komal Duke, violated regulations 31(1) and 31(2) read with 31(3) of the SAST Regulations, 2011 and SEBI Circular No. CIR/CFD/POLICYCELL/3/2015 by failing to make timely disclosures regarding creation and release of pledged shares and by making wrong and incomplete disclosures. A penalty of Rs. 5,00,000/- was imposed under sections 15A(b) and 15HB of the SEBI Act, 1992.
Full text
Adjudication order in respect of Komal Duke in the matter of Duke Offshore Limited Page 2 of 14 and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as AO Rules, 1995) to inquire into and adjudge under sections 15A(b) and 15HB of the SEBI Act, 1992, the alleged violations of provisions of regulations 31(1) and 31(2) r/w 31(3) of SAST Regulations, 2011 and Circular No. CIR/CFD/POLICYCELL/3/2015 dated August 05, 2015. The same was conveyed vide communique dated August 20,
Adjudication order in respect of Komal Duke in the matter of Duke Offshore Limited Page 3 of 14 said disclosure. Further, the said pledged shares were released on December 15, 2017 and December 16, 2017. For the said released shares, Noticee was required to disclose to the Company and BSE within 7 working days of the release of pledged shares of the Company as prescribed under regulation 31(2) r/w 31(3) of SAST Regulations, 2011. However, Noticee allegedly failed to make the said disclosure under the provisions of regulation 31(2) r/w 31(3) of SAST Regulations, 2011. BSE, vide its letter dated September 01, 2017 informed that for the period March 01, 2016 to December 31, 2016 the Noticee has not filed disclosure for the pledged shares made during the quarter September 2016. Therefore, it is alleged that Noticee violated the provisions of regulations 31(1) and 31(2) r/w 31(3) of SAST Regulations, 2011.
Adjudication order in respect of Komal Duke in the matter of Duke Offshore Limited Page 4 of 14 By making wrong and incomplete disclosures as against prescribed under SEBI Circular No. CIR/CFD/POLICYCELL/3/2015 dated August 05, 2015, it is alleged that Noticee violated the provision of regulation 31(1) of SAST Regulations, 2011 r/w Circular No. CIR/CFD/POLICYCELL/3/2015 dated August 05, 2015.
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Source: SecMarx — sebi:EAD/SR/SM/AO/2019-20/5249/126. 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.