sebi:EAD-2/DSR/PU/175/2014
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Facts / Headnote
Penalty of Rs. 23,00,000 imposed on Avail Holdings Limited under Section 15A(b) of SEBI Act for violation of Regulation 8(3) of Takeover Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 8
- Reg. 8(3)
Parties
- Avail Holdings Limited
Holding
The Noticee, Avail Holdings Limited, violated Regulation 8(3) of the Takeover Regulations by failing to make yearly disclosures for 1998 to 2011 and is liable for monetary penalty under Section 15A(b) of the SEBI Act. A penalty of Rs. 23,00,000 was imposed.
Full text
Page 2 of 7 SEBI Act, the alleged violation of the provisions of law by the Noticee. Show Cause Notice, Reply and Personal Hearing
Page 3 of 7 Takeover Regulations “8 (3) Every company whose shares are listed on a stock exchange, shall within 30 days from the financial year ending March 31, as well as the record date of the company for the purposes of declaration of dividend, make yearly disclosures to all the stock exchanges on which the shares of the company are listed, the changes, if any, in respect of the holdings of the persons referred to under sub-regulation (1) and also holdings of promoters or person(s) having control over the company as on 31st March.”
Page 4 of 7 gain or unfair advantage to the promoters. The Noticee further submitted that it is a small company, with a weak financial position and it has suffered losses for many years. Since, it did not have any competent person with adequate knowledge of reporting requirement as prescribed under SEBI Regulations, no reports could be filed. The required disclosures were made belatedly. The said delayed disclosures are inadvertent and the same have not caused any loss, financial or economical gain to any of the shareholders/company or anybody otherwise thereto.
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Source: SecMarx — sebi:EAD-2/DSR/PU/175/2014. 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.