sebi:EAD-12/AO/SM/34-35/2017-18

SEBI · SEBI · 2013-12-28 · Sahil Malik, 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 imposed on both Noticees

Provisions invoked

Regulations

Parties

Holding

The Adjudicating Officer held that ZF Steering Gear (India) Limited violated Clause 36 of the Listing Agreement read with Section 21 of the SCRA by failing to disclose price sensitive information (tax demand of Rs. 18.55 crores) immediately to the stock exchange, and that both the company and its compliance officer Satish Mehta violated Clause 2.1, 3.2 & 7.0(ii) of the Code of Corporate Disclosure Practices read with Regulation 12(2) of the PIT Regulations. A penalty of Rs. 5,00,000 under Section 23E of SCRA was imposed on the company, and Rs. 2,00,000 each under Section 15A(b) of the SEBI Act on both Noticees.

Full text

_________________________________________________________________________________________________________ Adjudication Order in the matter of M/s ZF Steering Gear (India) Ltd Page 2 of 13

_________________________________________________________________________________________________________ Adjudication Order in the matter of M/s ZF Steering Gear (India) Ltd Page 3 of 13

_________________________________________________________________________________________________________ Adjudication Order in the matter of M/s ZF Steering Gear (India) Ltd Page 4 of 13

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Source: SecMarx — sebi:EAD-12/AO/SM/34-35/2017-18. 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.