sebi:EAD-2/AO/104/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Alleged violations not established; matter disposed of
Provisions invoked
- s. 15
Regulations
- Reg. 7
- Reg. 11
- Reg. 11(2)
Parties
- P. K. Kuriachen
Holding
The alleged violations of regulation 7(1A) read with regulation 7(2) of the SAST Regulations, as alleged in the Show Cause Notice, do not stand established against the Noticee, and the matter is disposed of without imposition of any penalty.
Full text
Page 2 of 5 Appointment of Adjudicating Officer: 2. In view of the above, SEBI appointed the undersigned as Adjudicating Officer under section 15 I of the Securities and Exchange Board of India (herein after referred to as "SEBI Act"), read with rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) vide order dated June 29, 2012, to inquire into and adjudge under section 15 A (b) of the SEBI Act for the alleged violations of regulation 7 (1A) read with 7 (2) of the SAST Regulations.
Page 3 of 5 4. The Noticee contented that he is neither officer nor director of the company during the investigation period i.e. September 2008 to July 2009, and he never by himself or through the persons acting in concert, acquired additional shares or voting rights entitling him to exercise more than 5% of the voting rights in the Company in any financial year. For the purpose of inquiry, two opportunities of hearings were granted to the Noticee on November 02, 2012 and November 20, 2012 vide notices dated October 23, 2012 and November 05, 2012 respectively, which were remained unattended by the Noticee.
Page 4 of 5 SAST Regulations. I find that the Noticee has sold / transferred 15,00,000 shares on March 25, 2009 aggregating 3% paid up capital / voting rights of the Company without disclosing the same within two days, to the target company and stock exchange. I have perused the available records and also enquired from the SEBI as to whether the Noticee acquired shares/voting rights more than 5% in any financial year under regulation 11 (1) of the SAST Regulations, prior to aforesaid sale of shares by him. The regulation 11 (1) reads as under:
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-2/AO/104/2012. 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.