sebi:EAD-2/AO/88/2012
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Facts / Headnote
Violation established; consolidated monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 10
Holding
The Noticee violated regulation 10(5), 10(6) and 10(7) of the SAST Regulations by delayed intimation/reporting of an inter-se acquisition, warranting penalty under section 15A(a) and 15A(b) of the SEBI Act. A consolidated penalty of Rs. 1,00,000 was imposed as commensurate with the violations.
Full text
Page 2 of 7 Appointment of Adjudicating Officer: 2. In view of the above, SEBI appointed the undersigned as Adjudicating Officer under section 15 I of the Securities and Exchange Board of India (herein after referred to as "SEBI Act"), read with rule 4 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) vide order dated July 09, 2012, to inquire into and adjudge under section 15 A (a) & (b) of the SEBI Act for the aforesaid alleged violations SAST Regulations.
Page 3 of 7 (i) It is regular in complying with rules and regulations under the applicable laws and the present allegation are happened first time. The transactions were inter-
Page 4 of 7 consideration the factors mentioned in section 15 J of the SEBI Act? 6. I find from the records that the Noticee acquired 559520 shares (i.e. 15.66% of the total share capital/voting right) of the Target Company from Torrential Investment Pvt. Ltd. on December 05, 2011. Since the acquisition fall under regulation 10 (1) (a) (iii) of the SAST Regulations, SEBI granted to the Noticee exemption from making public offer as required under Chapter II of the said Regulations, on account of inter-se transfer of the shares among the qualifying persons. During the course of acquiring the shares, the Noticee was required to intimate to the Stock Exchange and to submit certain reports / information / documents to SEBI/Stock Exchange, regarding the details of the acquisition, within the time as prescribed under the regulation 10 (5), 10 (6) & 10 (7) of the SAST Regulations.
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Source: SecMarx — sebi:EAD-2/AO/88/2012. 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.