sebi:EAD-2/53/2012
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Facts / Headnote
Penalty imposed for violation of Regulation 13(2) of PIT Regulations; violation of Regulation 13(4) not established
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(2)
- Reg. 13(4)
- Reg. 13(5)
Parties
- Noticee (unnamed in text)
Holding
The Noticee was found to have violated Regulation 13(2) of the PIT Regulations by failing to disclose his directorship within two working days, and a penalty of Rs. 25,000 was imposed under Section 15A(b) of the SEBI Act. The alleged violation of Regulation 13(4) was not established.
Full text
Page 2 of 6 change in shareholding of such person and the change exceeds Rs. 5 lakh in value or 25000 shares, the necessary disclosures are to be made to the Company and the Stock Exchanges where the shares are listed, within 2 days.
Page 3 of 6 that he had already sent a detailed reply vide letter dated August 11, 2010 and that the same may be taken into consideration. He also submitted a gist of the brief
Page 4 of 6 12. The Noticee, in his reply, has submitted that he had given consent to act as director of the Company on January 30, 2009 and that even though he was appointed as director on January 30, 2009, he was informed of the same only on February 7, 2009. The Noticee sold 60,000 shares of the Company on January 31,
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Source: SecMarx — sebi:EAD-2/53/2012. 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.