sebi:EAD-2/AO/44/2013-14
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed of Rs. 2,00,000 under section 15A(b) of the SEBI Act for failure to make disclosures under SAST and PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 13
- Reg. 13(1)
- Reg. 7(1)
- Reg. 13(5)
- Reg. 7(2)
- Reg. 199
Holding
The Noticee violated Regulation 7(1) read with Regulation 7(2) of the SAST Regulations and Regulation 13(1) of the PIT Regulations by failing to disclose crossing of the 5% threshold upon conversion of warrants, and is liable for a monetary penalty of Rs. 2,00,000 under section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 per the disclosures made by KGL during the quarter ended March 2005 Noticee's shareholding reduced to NIL. Noticee was required to make disclosures to the company and to the stock exchange under SEBI (Substantial Acquisition of Shares and Takeovers’) Regulations, 1997 (hereinafter referred to as the ‘SAST’ Regulations) and SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘PIT Regulations’) which the Noticee failed to do.
Page 3 of 9 was returned undelivered. It was alleged in the SCN that the Noticee had failed to make disclosures to KGL and to the stock exchange under Regulation 7(1) read with Regulation 7(2) of the SAST Regulations and Regulations 13(1), 13(3) read with Regulation 13(5) of the PIT Regulations.
Page 4 of 9 7. In view of the above, I am proceeding with the inquiry taking into account of the submissions made before me, the documents and material as available on record.
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/44/2013-14. 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.