sebi:EAD/SR/SM/AO/56/2017-18
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(5)
Parties
- Ms. Kokilaben Patel
Holding
The Adjudicating Officer held that Ms. Kokilaben Patel violated regulation 13(4A) r/w 13(5) of the PIT Regulations, 1992 and imposed a penalty of Rs. 1,00,000 under section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Ms. Kokilaben Patel in the matter of Popular Estate Management Limited Page 2 of 8 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Ms. Kokilaben Patel in the matter of Popular Estate Management Limited Page 3 of 8 During the quarter ending July-September, 2012, IA observed that shareholding of the Noticee changed to 6,53,200 shares of Popular from 6,23,200 shares of Popular constituting 4.67% of total shares of the Company which exceeded 25,000 shares on August 10, 2012. It is alleged in the SCN that the change in shareholding casts an obligation on the Noticee to disclose the change in number of shares or voting rights held by the Noticee if the change exceeds Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights whichever is lower, within two days of the becoming promoter or part of the promoter group, to the Company and BSE under the provision of regulation 13(4A) r/w 13(5) of PIT Regulations, 1992. However, the Noticee failed to make disclosures to the Company and BSE within the prescribed time.
Adjudication Order in respect of Ms. Kokilaben Patel in the matter of Popular Estate Management Limited Page 4 of 8 Ronak D Doshi, the AR on behalf of the Noticee attended the hearing on the scheduled date i.e. November 09, 2017 and submitted the reply to the SCN. Also the AR requested for more time for additional submission. Accordingly, the Noticee was given time for additional submissions till November 20, 2017. Hearing minutes are on record. The Noticee submitted a reply vide letter dated November 15, 2017.
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Source: SecMarx — sebi:EAD/SR/SM/AO/56/2017-18. 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.