sebi:EAD-2/DSR/KM/PU/73/2014
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Facts / Headnote
Violations partly established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 12
- s. 27
- s. 23A
- s. 23J
- s. 4A
- s. 23
Regulations
- Reg. 12(1)
- Reg. 12
- Reg. 12(2)
Parties
- Shelter Infra Projects Ltd.
Holding
The Noticee violated Clause 22(d) of the Listing Agreement and Regulation 12(1) and 12(2) of the PIT Regulations, but did not violate Clause 35, and was imposed a penalty of Rs. 50,00,000 under Section 15HB of the SEBI Act and Rs. 50,00,000 under Section 23A(a) of the SCRA.
Full text
Page 2 of 13 holdings of Acquirer, Ramayana promoters Pvt. Ltd. (Ramayana) in the ‘promoters’ category and instead wrongly included it under the ‘public’ category for the period from January 2010 to July 2010. The Noticee even continued to report the holdings of one Shri Chirantan Mukherji and others under the category of “Promoter and Promoter Group” till July 08, 2010, despite Shri Chirantan Mukherji, Shri Asamanja Mitra and Shri Mahiruha Mukherji had resigned from SIPL with effect from December 01, 2009. Thus the Noticee failed to provide the correct shareholding. The Noticee was required to appraise the shareholders of the acceptance of Shares Purchase Agreement by the Board to avoid the establishment of false market. However, the Noticee failed to do the same.
Page 3 of 13 Show Cause Notice, Reply and Personal Hearing 5. A show cause notice dated August 28, 2012 (hereinafter referred to as “SCN”) was issued to the Noticee under Rule 4(1) of the said Rules to show cause as to why an inquiry should not be held and penalty should not be imposed on it under Section 15 HB of the SEBI Act and Section 23A (a) of SCRA for the alleged violation of Clause 35&22 of the Listing Agreement, Regulation 12 (2) read with Clause 2.1 in Schedule II, Part A and Regulation 12 (1) further read with Clause 3.2-1 and 3.2-3A of Schedule I, Part A of the PIT Regulations. The Noticee submitted its reply vide letters dated October 13, 2012, October 16, 2012 and December 16, 2013.
Page 4 of 13 b. Do the violations, if any, on the part of the Noticee attract any penalty under Section 23 A (a) of SCRA and Section 15 HB of the SEBI Act?
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Source: SecMarx — sebi:EAD-2/DSR/KM/PU/73/2014. 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.