sebi:EAD-2/DSR/PU/201-202/2014
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Facts / Headnote
Violation of Regulation 29(1) read with Regulation 29(3) found; joint and several monetary penalty imposed on the Noticees
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 29
Parties
- Amrex Marketing Private Limited
- Bhubanesh Commercial Pvt. Ltd
Holding
The Noticees violated Regulation 29(1) read with Regulation 29(3) of the Takeover Regulations, 2011 by failing to make disclosures in the prescribed format for the February 20, 2012 acquisition and are liable for monetary penalty under Section 15A(b) of the SEBI Act. A joint and several penalty of Rs. 2,00,000 was imposed on Amrex Marketing Private Limited and Bhubanesh Commercial Pvt. Ltd.
Full text
Page 2 of 8 that Noticee No.2 had wrongly made the disclosures under Regulation 7 (1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the 'Takeover Regulations, 1997'). Appointment of Adjudicating Officer
Page 3 of 8 reiterated the written submissions already made in their said replies. Consideration of Issues, Evidence and Findings
Page 4 of 8 8. It has been alleged in the SCN that Noticee No. 2 in concert with Noticee No.1, had acquired 2,41,000 (4.86%) shares of the total paid up capital of BAPIL on February 20, 2012, in addition to the 1,20,500 shares (2.43%) already held by Noticee No.1 and had failed to make the required disclosures in the format prescribed under Regulation 29 (1) read with Regulation 29 (3) of the Takeover Regulations, 2011 as well as not mentioning that Noticee No.1 had acted in concert with it while acquiring the said shares.
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Source: SecMarx — sebi:EAD-2/DSR/PU/201-202/2014. 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.