sebi:EAD/SR/SM/AO/31/2017-18
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Facts / Headnote
Violations established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(1)
- Reg. 13(3)
- Reg. 7(1)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29(1)
Parties
- Mr Chirag Dinesh Kumar Shah
Holding
The Noticee violated regulation 13(1) and regulation 13(3) r/w 13(5) of PIT Regulations, 1992 and regulations 29(1) & 29(2) r/w 29(3) of SAST Regulations, 2011 for failure to disclose two acquisitions in GFL Financials Ltd. A consolidated monetary penalty of Rs. 2,00,000 under section 15A(b) of the SEBI Act, 1992 was imposed.
Full text
Adjudication Order in respect of Mr Chirag Dinesh Kumar Shah in the matter of GFL Financials Ltd Page 2 of 11 read with (r/w) regulation 13(5) of PIT Regulations, 1992 and regulations 29(1) & 29(2) r/w regulation 29(3) of SAST Regulations, 2011.
Adjudication Order in respect of Mr Chirag Dinesh Kumar Shah in the matter of GFL Financials Ltd Page 3 of 11 to appear on April 11, 2017 for personal hearing. The said hearing notice was served to the Noticee by way of affixture at the last known address as available on record. The affixture report is available on record.
Adjudication Order in respect of Mr Chirag Dinesh Kumar Shah in the matter of GFL Financials Ltd Page 4 of 11 no. of share of the Company. As the shareholding of the Noticee in GFL allegedly increased from 5.01% to 7.6% i.e. cumulative shareholding increased by 2%, the Noticee was required to make disclosures to the company under regulation 13(3) r/w regulation 13(5) of PIT Regulations, 1992 and also under regulations 29(2) r/w regulation 29(3) of SAST Regulations, 2011 to the Company and BSE. However, as per letter dated December 20, 2014 received from Company and e-mail dated November 12, 2014 from BSE, IA observed that the Noticee failed to make the required disclosures under the aforesaid provisions and therefore violated the said provisions of PIT Regulations, 1992 and SAST regulations, 2011. d. In view of the above, it is alleged that the Noticee has violated of provisions of regulation 13(1) of PIT Regulations, 1992, regulation 13(3) r/w regulation 13(5) of PIT Regulations, 1992 and regulations 29(1) and 29(2) r/w regulation 29(3) of SAST Regulations, 2011.
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Source: SecMarx — sebi:EAD/SR/SM/AO/31/2017-18. 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.