sebi:EAD-2/AO/126/2013
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Facts / Headnote
Violation established; penalty of Rs 2,00,000 imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(4)
- Reg. 13(5)
- Reg. 8A(4)
- Reg. 8A(1)
Parties
- Shri A.B. Satyavas Reddy
Holding
The Noticee violated Regulation 8A(1) and 8A(3) of the SAST Regulations for non-disclosure of pledge created and invoked subsequently and Regulation 13(4) read with Regulation 13(5) of the PIT Regulations for non-disclosure of change in shareholding, warranting penalty under Section 15A(b) of the SEBI Act, and a penalty of Rs 2,00,000 was imposed.
Full text
Page 2 of 8 was further recognized as sale by invoking the Pledge transaction on April 20, 2009. The Noticee allegedly did not make the necessary disclosures for the said transactions thereby violating Regulation 8A(1) and 8A(3) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as SAST Regulations).
Page 3 of 8 hearing notice was returned undelivered. Accordingly, the Noticee was granted two more opportunities of personal hearing on November 02, 2012 and November 19, 2012. The said notices were also sent to the Noticee at his e-mail ID mentioned above. However, the Noticee neither appeared for the hearing nor made any correspondence in this regard.
Page 4 of 8 (5) The disclosure mentioned in sub-regulations (3) and (4) shall be made within two working days of: (a) the receipts of intimation of allotment of shares, or
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Source: SecMarx — sebi:EAD-2/AO/126/2013. 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.