sebi:EAD-2/DSR/JAK/798-800/2017
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Facts / Headnote
Penalties imposed on all three noticees under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 12
- s. 15J
- s. 15F
Regulations
- Reg. 13(1)
- Reg. 13(3)
- Reg. 29(1)
- Reg. 3
- Reg. 2
- Reg. 7(1)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 12
- Reg. 31(1)
- Reg. 15A(b)
- Reg. 58
- Reg. 31(3)
Parties
- Giant Sales Pvt Ltd.
- Shri Kailash Prasad Purohit
- Nouveau Global Ventures Ltd.
Holding
GSPL, Shri Kailash Prasad Purohit and NGVL violated disclosure provisions of SAST Regulations and PIT Regulations and are liable for monetary penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 14 Regulations and NGVL had violated Regulation 29(1) read with 29(3) of SAST Regulations and Regulation 13(1) of PIT Regulations. SEBI has, therefore, initiated Adjudication Proceedings against the Noticees for the alleged violations.
Page 3 of 14 Kailash Purohit and NGVL, informed that their Counsel expressed inability for appearing for the hearing in the captioned matter on the said date and time and requested for granting an adjournment of hearing by 2 weeks. Further, Shri K C Jacob also submitted that the noticees would be filing their reply to the SCN in that week. The noticee viz., Shri Kailash Purohit vide letter dated September 08, 2016 requested for granting 3 weeks time i.e. till September 30, 2016 for submitting his reply. However, no reply has been received till date. Shri Kailash Purohit did not attend the said hearing. I am convinced that ample opportunities have been granted to GSPL & Shri Kailash Purohit to present their case. In view of the above, I am proceeding further in the matter on the basis of material available on record in terms of Rule 4(7) of the said Rules. The noticee viz., NGVL received the SCN and submitted reply vide letter dated September 12, 2017
Page 4 of 14 29(1) Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified.
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Source: SecMarx — sebi:EAD-2/DSR/JAK/798-800/2017. 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.