sebi:EAD-2/DSR/PU/43/2014
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Facts / Headnote
Penalty imposed on the Noticee for violation of Regulation 8(3) of the Takeover Regulations
Provisions invoked
- s. 15
- s. 15J
Regulations
- Reg. 8
- Reg. 8(3)
Parties
- Pal & Paul Builders Ltd.
Holding
The Noticee, Pal & Paul Builders Ltd., violated Regulation 8(3) of the Takeover Regulations by failing to make timely yearly disclosures to the Delhi Stock Exchange for 14 consecutive years (1998 to 2011), and is liable for a monetary penalty of ₹10,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 A (b) of the SEBI Act for the alleged violation of the provisions of Regulation 8 (3) of the Takeover Regulations.
Page 3 of 7 submission of disclosures under Regulation 8 (3) of the Takeover Regulations prior to the delisting, vide its letter dated April 25, 2012. As per the submissions made by the Noticee and the DSE, vide its letter dated June 11, 2012, the following non- compliances with regard to Regulation 8 (3) of the Takeover Regulations have been observed.
Page 4 of 7 of shareholders in the company is only 15, with 9 Promoters and 6 public shareholders. The promoter shareholding has remained the same over the years, i.e. 73.61% and public shareholding is only 26.39% (holding merely 64,650 equity shares). Since the listed status of the company was not providing any liquidity benefit to the shareholders, the Promoters of the Noticee Company decided to go in for voluntary delisting of the shares of the company. The financial position of the company is in red. During the Fiscal year 2012-13, it reported a net loss of ` 124.39 Lakhs (an EPS of -50.77), as against a net loss of ` 6.66 lakhs (an EPS of -2.72) in the financial year 2011-12. Copy of the balance sheet and the profit and loss account of the company for the year ended March 31, 2013 are available on record.
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Source: SecMarx — sebi:EAD-2/DSR/PU/43/2014. 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.