sebi:EAD-12/SM/141-144/2018
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalties imposed on all four noticees for failure to make disclosures under SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 45
- s. 2(45)
- s. 29
- s. 2(72)
Regulations
- Reg. 3
- Reg. 199
- Reg. 29(1)
- Reg. 2
- Reg. 3(1)
- Reg. 3(4)
- Reg. 29(4)
- Reg. 201
- Reg. 31(2)
Parties
- M/s Unicon Merchants Private Limited
- Mr. Akash Gupta
- Ms. Preeti Gupta
- M/s IFCI Factors Limited
Holding
Noticees 1, 2 and 3 were held liable for violating Regulation 31(2) read with 31(3) of the SAST Regulations for failing to disclose release of encumbered shares within seven working days, and Noticee 4 was held liable for violating Regulation 29(1) read with 29(3) of the SAST Regulations for failing to disclose acquisition of shares. Monetary penalties of Rs. 3,00,000/- each on Noticees 1, 2 and 3 and Rs. 2,00,000/- on Noticee 4 were imposed under Section 15A(b) of the SEBI Act.
Full text
In the matter of Shiva Cement Limited Page 2 of 9 4. Further, on analysis of the counterparty shareholding after the release of the pledge, it was observed that the counterparty to the aforesaid transactions was IFCI Factors Limited (Noticee 4) which had acquired certain shares of SCL. Upon the said acquisition, the Noticee 4 was required to make the necessary disclosures as prescribed under Regulation 29(1) of the SAST Regulations. However, it was observed that the Noticee had failed to do so.BSE in its communication dated December 23, 2014 had confirmed that no disclosures were received from noticee No. 4 for the above transactions. Hence it was alleged that Noticee No. 4 has violated Regulation 29(1) read with 29(3) of SAST Regulations.
In the matter of Shiva Cement Limited Page 3 of 9 said encumbered of shares within seven working days from the date of release thereof. However, at the relevant time we were neither aware nor advised of the said requirement due to the coming of force of the 2011 Regulations.
In the matter of Shiva Cement Limited Page 4 of 9 quarterly results and share holding pattern filled from time to time with the Exchange.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD-12/SM/141-144/2018. 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.