sebi:EAD-12/SM/148/2018
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Facts / Headnote
Penalty imposed on Noticee for failure to make disclosures under SAST and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 29
- Reg. 29(2)
- Reg. 12
- Reg. 29(3)
- Reg. 7(2)
- Reg. 29(1)
- Reg. 12(2)
Parties
- Comfort Intech Limited
Holding
The Noticee was found to have violated Regulation 29(2) read with 29(3) of the SAST Regulations and Regulation 13(3) read with 13(5) of the PIT 1992 read with Regulation 12(2) of PIT 2015, and a monetary penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
In the matter of Onesource Techmedia Limited 2 of 9 Show Cause Notice, Reply and Personal Hearing 7. Based on the findings, Show Cause Notice dated November 21, 2017 ("SCN") was issued to the Noticee. SCN was duly delivered at the address of the Noticee.
In the matter of Onesource Techmedia Limited 3 of 9 It is noteworthy to mention wherein the Hon’ble Supreme Court had stated that :-Para 61:"We refer in this connection the decision of Merck Spares v. Collector of Central Excise & Customs, New Delhi, 1983 ELT 1261, Shama Engine Valves Ltd.., Bombay v. Collector of Customs, Bombay (1984) 18 ELT 533 and Madhusudhan Gordhandas& Co. v. Collector of Customs, Bombay, (1987) 29 ELT 904, wherein it has been held that in imposing penalty the requisite mens rea has to be established”.
In the matter of Onesource Techmedia Limited 4 of 9 SAST Regulations, 2011 Disclosure of acquisition and disposal. 29.(2) Any acquirer, who together with persons acting in concert with him, holds shares or voting rights entitling them to five per cent or more of the shares or voting rights in a target company, shall disclose every acquisition or disposal of shares of such target company representing two per cent or more of the shares or voting rights in such target company in such form as may be specified. (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to, —
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Source: SecMarx — sebi:EAD-12/SM/148/2018. 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.