sebi:EAD-2/DSR/PU/177/2014
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed on the Noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 8
- Reg. 8(3)
Parties
- Focus Industrial Resources Limited
Holding
The Noticee violated Regulation 8(3) of the Takeover Regulations by delayed yearly disclosures for 2010 and 2011 and is liable for monetary penalty under Section 15A(b) of the SEBI Act, with a penalty of Rs. 2,00,000 imposed.
Full text
Page 2 of 6 Show Cause Notice, Reply and Personal Hearing 3. A show cause notice dated March 14, 2014 (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 15A (b) of the SEBI Act for the alleged violation of the provisions of law.
Page 3 of 6 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 6 28, 2014 that it has admitted having filed the necessary disclosures with a delay of 13 days for the year 2010 and 5 days for the year 2011, thereby frustrating the very purpose of Regulation 8(3) of the Takeover Regulations.
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Source: SecMarx — sebi:EAD-2/DSR/PU/177/2014. 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.