sebi:EAD-2/DSR/JAK/615-619/2017
Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
Regulations relied on
- SEBI (SAST) Regulations, 2011 — 31(1)
Parties
- Mr. Utkarsh Jagdishbhai Patel
- Mr. Jagdish Nathalal Patel
- Ms. Jyotika Jagdish Patel
- Mr. Suketu Ramanlal Patel
- Ms. Priyanka Utkarsh Patel
Holding
The charges against the Noticees for violation of Regulation 31(1) read with 31(3) of the SAST Regulations were not established, and the matter was disposed of without penalty.
Full text
Page 2 of 5 Sr. No. Name of Promoter / Promoter Group No. of Shares held 1. Mr. Utkarsh Jagdishbhai Patel 2,29,825 2. Mr. Jagdish Nathalal Patel 3,96,614 3. Ms. Jyotika Jagdish Patel 3,01,097 4. Mr. Suketu Ramanlal Patel 1,20,060 5. Ms. Priyanka Utkarsh Patel 3,54,516 Total 14,02,112
Page 3 of 5 June 30, 2015(which was submitted to Bombay Stock Exchange(BSE) vide letter dated August 30, 2015 as part of the compliance of Clause 41 of the Listing Agreement wherein the pledge of 14, 02,112 shares was mentioned.
Page 4 of 5 8. Vide letter dated April 19, 2017, the Noticees submitted their common reply in the matter. The Noticees inter alia informed that there is a default of disclosure on the part of promoters of the company but the said pledge has already been revoked by them as being not required by the banker to the company. BSE vide e-mail dated February 25,2016 submitted that the disclosures in this regard were received by them on February 24, 2016.
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Source: SecMarx — sebi:EAD-2/DSR/JAK/615-619/2017. 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.