sebi:EAD-2/AO/DSR/RG/604-614/2017
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Facts / Headnote
Penalty of Rs. 25,00,000 imposed jointly and severally on Acquirer and PACs for violation of Regulation 11(2); proceedings against Shri Thakorbhai Nanubhai Desai abated on death.
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 11
- Reg. 199
- Reg. 10
- Reg. 11(2)
- Reg. 3(2)
Parties
- Shri Asit C. Mehta (Acquirer)
- Deena A Mehta
- Asit C Mehta Forex Pvt. Ltd
- Asit C Mehta Commodity Services Pvt. Ltd
- Aditya Asit Mehta
- Gopa Jayesh Desai
- Rupa Atul Shah
- Shobhnaben Thakorbhai Desai
- Asit Chimanlal Mehta - HUF
- Jayesh T Desai - HUF
- Thakorbhai Nanubhai Desai (proceedings abated)
Holding
The Noticees violated Regulation 11(2) of the SAST Regulations, 1997 by acquiring shares through bulk deals without making a public announcement and are liable to a joint and several monetary penalty of Rs. 25,00,000 under Section 15H(ii) of the SEBI Act, 1992; proceedings against the deceased noticee stand abated.
Full text
Page 2 of 14 of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the 'SAST Regulations 1997') in the matter of Asit C. Mehta Financial Services Limited (hereinafter referred to as 'ACMFSL / Company'). The Hon'ble SAT, inter-alia observed as follows:
Page 3 of 14 is posted for final hearing in the month of June 2017. Further, the Noticees also stated that their legal counsel is not available on the scheduled date of hearing and requested for keeping the proceedings in abeyance until conclusion of the
Page 4 of 14 "11(2) No acquirer, who together with persons acting in concert with him holds, fifty-five per cent (55%) or more but less than seventy-five per cent (75%) of the shares or voting rights in a target company, shall acquire either by himself or through or with persons acting in concert with him any additional sharesentitling him to exercise voting rights or voting rights therein, unless he makes a public announcement to acquire shares in accordance with these Regulations:
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Source: SecMarx — sebi:EAD-2/AO/DSR/RG/604-614/2017. 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.