sebi:EAD-2/AO/140/2013
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Facts / Headnote
Violation found; penalty of Rs. 2,00,000 imposed under Section 15H(ii) of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 2(1)
- Reg. 10
- Reg. 11(1)
- Reg. 14(2)
Parties
- Shri Bimal Kumar Agarwal
Holding
The Noticee violated Regulation 11(1) read with Regulation 14(2) of the SAST Regulations by failing to make a public announcement for the acquisition of shares of ACL, and a penalty of Rs. 2,00,000 was imposed under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 7 to as SAST Regulations). The Noticee allegedly failed to comply with the said provisions under the SAST Regulations.
Page 3 of 7 loss has been caused to the investors. They would be submitting a detailed reply to the SCN within 10 days. 5. Thereafter, the Noticee, vide letter dated July 30, 2011 forwarded a copy of the consent application so submitted with SEBI. However, in August, 2012 the consent application filed by the Noticee was rejected.
Page 4 of 7 14. (2) In the case of an acquirer acquiring securities, including Global Depository Receipts or American Depository Receipts which, when taken together with the voting rights, if any, already held by him or persons acting in concert with him, would entitle him to voting rights, exceeding the percentage specified in regulation 10 or regulation 11, the public announcement referred to in sub-regulation (1) shall be made not later than four working days before he acquires voting rights on such securities upon conversion, or exercise of option, as the case may be:
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Source: SecMarx — sebi:EAD-2/AO/140/2013. 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.