sebi:EAD-2/AO/20-22/2013-14
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Facts / Headnote
Penalties imposed on all three Noticees for violations of SAST Regulations, PIT Regulations, PFUTP Regulations, SCRA and Listing Agreement
Provisions invoked
- s. 15A
- s. 15
- s. 21
- s. 15H
- s. 15J
- s. 23A
Regulations
- Reg. 7(1)
- Reg. 3
- Reg. 10
- Reg. 13(1)
- Reg. 2(e)
- Reg. 3(a)
- Reg. 13(4)
- Reg. 13(5)
Parties
- Sterling Greenwoods Limited (Noticee No. 1)
- Paksh Developers Private Limited (Noticee No. 2)
- Shri Anurag Agrwal (Noticee No. 3)
Holding
The Noticees were found to have violated Regulation 7(1) and Regulation 10 of the SAST Regulations, Regulations 13(1) and 13(4) of the PIT Regulations, Regulations 3(a),(b),(c),(d), 4(1) and 4(2)(a),(b),(e) of the PFUTP Regulations, and Section 21 of the SCRA read with Clause 35 of the Listing Agreement. Monetary penalties were imposed aggregating Rs. 15,50,000 (Rs. 3,00,000 for Regulation 7(1) violations, Rs. 1,00,00,000 for Regulation 10 violation, Rs. 2,00,000 for PIT Regulations violation, Rs. 50,000 for SCRA/Listing Agreement violation, plus penalties under Section 15HA for PFUTP violations).
Full text
Page 2 of 27 to July 24, 2009, the average daily volume were 17,903 shares. During the pre-investigation period (i.e. from February 01, 2009 to March 31, 2009), the scrip of SGWL traded in the range of 10.50 and 13.86 with average daily volume of 623 shares and a total of 445 trades for 79,340 shares had been executed.
Page 3 of 27 the SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as the "PFUTP Regulations").
Page 4 of 27 6. In addition to the above, Noticee No. 3 was holding 11.79% shares of SGWL for the quarter ended June 2007and September 2007. Noticee No. 2 in which Noticee No. 3 is a Director acquired 4.72% shares of SGWL which made the combined holding of the PACs 16.51% (11.79% + 4.72%). The Noticees being acquirers acting in concert acquired shares more than 15% of the paid up capital/ voting rights of SGWL but failed to make public announcement to acquire shares in accordance with Regulation 10 of the SAST Regulations.
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Source: SecMarx — sebi:EAD-2/AO/20-22/2013-14. 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.