sebi:EAD-2/83/2012
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Facts / Headnote
Exonerated
Provisions invoked
- s. 15
- s. 21
- s. 12
- s. 23A
- s. 4A
- s. 23
Regulations
- Reg. 2
- Reg. 12
- Reg. 12(1)
- Reg. 18
Parties
- VSL
Holding
VSL is exonerated from the charges of wrongly filing quarterly shareholding pattern to mislead investors and of failing to incorporate amended Clause 4.2 into its internal code of conduct, as no monetary penalty is imposed under Section 23A(a) of SCRA and Section 15HB of the SEBI Act.
Full text
Page 2 of 11 respectively. VSL has also failed to frame, adopt and enforce the code of internal procedures and conduct as near thereto the model code of conduct without diluting it in any manner and ensure the compliance of the same.
Page 3 of 11 September 13, 2012 sought for an adjournment. I granted another opportunity of personal hearing to VSL on September 21, 2012 vide letter dated September 13, 2012. The hearing was attended by the Chairman and Managing Director of the VSL, Shri Dinesh Nandwana who reiterated the written submissions made earlier.
Page 4 of 11 a. Whether VSL has failed to comply with provisions of Clause 35 of the Equity Listing Agreement read with Section 21 of SCRA and Regulation 12 (1) read with Clause 4.2 in Schedule I, Part A of the PIT Regulations ? b. Do the violations, if any, on the part of VSL attracts any penalty under Section Section 23 A (a) of SCRA and 15 HB of the SEBI Act? c. If yes, what should be the quantum of monetary penalty?
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Source: SecMarx — sebi:EAD-2/83/2012. 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.