sebi:EAD-2/AO/47/2013-14
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Facts / Headnote
Charges not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 12
- s. 23A
- s. 4A
Regulations
- Reg. 8(3)
- Reg. 8(2)
- Reg. 12
- Reg. 12(2)
- Reg. 45
Holding
The charges leveled against the Noticee for violation of Clause 35 of the Listing Agreement read with Clause 5.1 of Schedule II of Code of Corporate Disclosure Practices under Regulation 12(2) of the PIT Regulations were held not established and the matter was disposed of without penalty.
Full text
Page 2 of 7 September 2004. As per the revised clause 35 report of the Listing Agreement, SCFPL was not holding any of the shares of Noticee. However, it was informed by BSE that the exchange did not receive any revised shareholding pattern for the quarter ended September 2004 from Noticee. Further, there was also a discrepancy with regard to information submitted by Noticee under Regulation 8(2) of SEBI (Substantial Acquisition Shares and Takeovers) Regulations, 1997 (hereinafter referred to as SAST Regulations). Noticee had disclosed incorrect promoter shareholding in various quarters in violation of Clause 35 of the Listing Agreement read with Clause 5.1 of Schedule II of Code of Corporate Disclosure Practices for Prevention of the Insider Trading under Regulation 12(2) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as 'PIT Regulations').
Page 3 of 7 Notice, Reply & Personal Hearing 5. A Notice dated September 11, 2012 (hereinafter referred to as ‘SCN’) was issued to the Noticee in terms of Rule 4 of the Adjudication Rules to show cause as to why an inquiry should not be held against it for the alleged violations. The SCN was sent to the Noticee by Registered Post which was delivered and acknowledged by the Noticee. It was alleged in the SCN that Noticee violated Clause 35 of the Listing Agreement read with Clause 5.1 of Schedule II of Code of Corporate Disclosure Practices for Prevention of the Insider Trading under Regulation 12(2) of the PIT Regulations. The Noticee vide letter dated October 05 2012 sought extension of time for filing reply to the SCN. However, the Noticee did not submit any reply to the SCN.
Page 4 of 7 available on record. The issues that arise for consideration in the present case are: a) Whether the Noticee has violated the provisions Clause 35 of the Listing Agreement read with Clause 5.1 of Schedule II of Code of Corporate Disclosure Practices for Prevention of the Insider Trading under Regulation 12(2) of the PIT Regulations? b) Does the violation, if any, on the part of the Noticees attract any penalty under section 15HB of the SEBI Act and Section 23A(a) of SCRA? c) If yes, what should be the quantum of penalty?
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Source: SecMarx — sebi:EAD-2/AO/47/2013-14. 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.