sebi:EAD-2/AO/66/2012
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Facts / Headnote
Penalty imposed on Noticee for failure to make disclosures under PIT and SAST Regulations
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 Parag Shah
Holding
The Noticee, Shri Parag 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, and is liable for a monetary penalty of Rs. 4,50,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 9 2. In view of the above, SEBI vide order dated March 23, 2011 appointed Shri P K Bindlish as the Adjudicating Officer to inquire into and adjudicate under Section 15A(b) of the SEBI Act, 1992, the alleged violation of provisions of Regulation 13(1) and 13(3) of PIT Regulations and Regulation 7(1) and 8(2) of SAST Regulations. Consequent upon transfer of Shri P K Bindlish, the undersigned has been appointed as the Adjudicating Officer vide Order dated May 22, 2012.
Page 3 of 9 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 and change in shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company.
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Source: SecMarx — sebi:EAD-2/AO/66/2012. 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.