sebi:EAD/SR/SM/AO/26/2017-18
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Facts / Headnote
Penalty of Rs. 1,50,000 imposed under Section 23H of SCRA, 1956
Provisions invoked
- s. 13
- s. 16
- s. 18
- s. 23
- s. 23H
- s. 17
- s. 23J
Parties
- Shri Nilesh Palande
Holding
The Noticee violated section 2(i) r/w sections 13, 16 and 18 of SCRA, 1956 by transferring 1,57,000 shares of GFL off-market without receiving consideration within the spot-delivery period, and a penalty of Rs. 1,50,000 under section 23H was imposed.
Full text
Adjudication Order in respect of Nilesh Palande in the matter of GFL Financials Limited Page 2 of 10 transfers of funds from the Noticee to the entities with whom the Noticee made the off-market transactions. However, bank statements of the Noticee did not have corresponding fund transfer on the date of the transaction oron the date immediately following the date of the off-market transaction.
Adjudication Order in respect of Nilesh Palande in the matter of GFL Financials Limited Page 3 of 10 for personnel hearing and the same was served to the Noticee by hand delivery letter acknowledgement and the proof of delivery is on record.
Adjudication Order in respect of Nilesh Palande in the matter of GFL Financials Limited Page 4 of 10 replied to the IA that he had been dealing with Shri Naresh Shah and claimed to have received the consideration in his bank account. However, no supportive documents were provided by the Noticee in this regard. c. In view of the same, it was alleged that the Noticee did not receive the consideration towards the off-market transaction within the period specified for spot delivery contracts and hence violated the provisions of sections 2(i) of SCRA, 1956 r/w sections 13, 16 and 18 of SCRA, 1956.
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Source: SecMarx — sebi:EAD/SR/SM/AO/26/2017-18. 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.