sebi:EAD-2/AO/65/2012
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Facts / Headnote
Penalty imposed on the Noticee for failure to make required disclosures
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13(1)
- Reg. 13(3)
- Reg. 8(2)
- Reg. 199
Parties
- Shri Jayesh Shah
Holding
The Noticee, Shri Jayesh Shah, violated Regulation 13(1) and 13(3) of the PIT Regulations and Regulation 7(1) and 8(2) of the SAST Regulations by failing to make required disclosures of his shareholding in PCL. A penalty of Rs. 4,50,000 was imposed on the Noticee under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 9 referred to as "PIT Regulations") and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations”).
Page 3 of 9 5. In view of the aforesaid steps taken, I am convinced that ample opportunities have been given to the Noticee to explain his case. As per rule 4(7) of the Rules, if any person fails neglects or refuses to appear as required by sub-rule (3) before the Adjudicating Officer, he may proceed with the inquiry in the absence of such person after recording the reasons there for. Despite having been given ample opportunities, the Noticee had failed to avail of the same. I am, therefore, compelled to proceed with the matter ex-parte based on the material available on record.
Page 4 of 9 (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be.
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Source: SecMarx — sebi:EAD-2/AO/65/2012. 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.