sebi:EAD-2/AO/DSR/BKM/470-491/2015
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Facts / Headnote
Settlement order disposing of adjudication proceedings initiated by common show cause notice dated July 22, 2014, on payment of settlement charges of Rs. 21,25,000/-
Provisions invoked
- s. 15H
Regulations
- Reg. 17
- Reg. 15(1)
- Reg. 11(2)
- Reg. 11
Parties
- Gembel Trade Enterprises Ltd.
- Orient Copper Industries Ltd
Holding
The adjudication proceedings against the noticees for alleged violation of Regulation 11(2) of the SAST Regulations, 1997 (failure to make an open offer) are disposed of pursuant to a settlement approved by SEBI on payment of Rs. 21,25,000/- towards settlement charges.
Full text
Page 2 of 3 (hereinafter referred to as ‘the noticees’) to inquire into and adjudge under Section 15H(ii) of the Securities and Exchange Board of India Act, 1992 ( hereinafter referred to as ‘SEBI Act,1992’) the violation of Regulation 11 (2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,1997 (hereinafter referred to as "SAST Regulations,1997") alleged to have been committed by the noticees with respect to the dealings in the scrip of M/s IG Petrochemicals Limited.
Page 3 of 3 Committee (HPAC) in its meeting held on 17th March, 2015. After considering the facts and circumstances of the case, the HPAC recommended that the case may be settled on payment of ` 21,25,000/- (Rupees Twenty One Lakh Twenty Five Thousand only) towards settlement charges which were approved by the panel of the Whole Time Members, SEBI on 14th May, 2015.
2. In this regard, a common Show Cause Notice (No. EAD- 2/DSR/BKM/21643/2014 dated the 22nd July, 2014 (hereinafter referred to as ‘SCN’) was served on the noticees. In the SCN, it was alleged that one of the noticees namely Gembel Trade Enterprises Ltd., while acting in concert with other noticees, had acquired 13,99,194 shares on August 03, 2009 constituting 4.54% shares of the target company through bulk deal, thus, increasing the promoter group shareholding from 57.84% (as on quarter ending June, 2009) to 62.38% (as on quarter ending September, 2009) and had failed to make an open offer under Regulation 11(2) of the SAST Regulations,1997.
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Source: SecMarx — sebi:EAD-2/AO/DSR/BKM/470-491/2015. 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.