sebi:EAD-12/SM/178-181/2018
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Facts / Headnote
Penalties imposed: Rs. 2,00,000 on Minal Patel under Section 15A(b) of SEBI Act for violation of Regulation 13(3) read with 13(5) of PIT 1992; Rs. 4,00,000 jointly and severally on Minal Patel, Ruchit Patel, Hardik Patel and Bharat Patel under Regulation 29(2) of SAST Regulations.
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
Regulations
- Reg. 199
- Reg. 13(3)
- Reg. 4
- Reg. 13(5)
- Reg. 29(2)
- Reg. 201
- Reg. 12(2)
Parties
- Minal Patel
- Ruchit Patel
- Hardik Patel
- Bharat Patel
Holding
Noticees 1-4 violated Regulation 29(2) of SAST Regulations by failing to disclose changes of more than 2% in shareholding within the specified time, and Noticee 1 (Minal Patel) violated Regulation 13(3) read with 13(5) of PIT 1992 by failing to disclose changes in her shareholding exceeding 2%. Monetary penalties were imposed under Section 15A(b) of the SEBI Act.
Full text
In the matter of M/s. Super Sales India Ltd. Page 2 of 7 6. The change in shareholding of Noticees are placed below: Date of Disposal of shares Quantity Disposed % of holding of PACs post transaction % change 31/12/2013 Opening balance 13.32% NA 12/02/2014 3,22,136 10.49% 2.83% 06/03/2014 2,40,950 7.84% 2.65%
In the matter of M/s. Super Sales India Ltd. Page 3 of 7 come and collect the documents on February 12, 2018 but no one came to collect the documents.
In the matter of M/s. Super Sales India Ltd. Page 4 of 7 Relevant provisions of SAST Regulations: 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. Relevant provisions of PIT Regulation 1992
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Source: SecMarx — sebi:EAD-12/SM/178-181/2018. 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.