sebi:EAD-2/DSR/PU/45-50/2014
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Facts / Headnote
Penalty of ₹1,00,000 each imposed on Noticee Nos. 1 to 5 for delayed disclosure; proceedings against Noticee No. 6 abated due to death
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 199
- Reg. 30
Parties
- Shri Ashvarya Kumar Maheshwari
- Shri Krishan Kumar Maheshwari
- Ms. Sandhya Maheshwari
- Ms. Shobha Maheshwari
- Shri Vinod Kumar Maheshwari
- Shri Ashok Kumar Maheshwari (proceedings abated)
Holding
The Noticees, being promoters of EFL, violated Regulation 30(1), 30(2) read with Regulation 30(3) of the Takeover Regulations, 2011 by failing to make timely disclosures of their aggregate shareholding to the stock exchanges and the target company, and are liable for monetary penalty under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 with Regulation 30 (3) of the of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (herein after referred to as the ‘Takeover Regulations’). Appointment of Adjudicating Officer
Page 3 of 8 affairs and therefore they were not aware of the disclosures to be filed in the new format. They have made the same as soon as it was brought to their knowledge. Further, the authorised representative stated that this is their first and only delay and requested one week’s time to file their written
Page 4 of 8 shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may be specified.
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Source: SecMarx — sebi:EAD-2/DSR/PU/45-50/2014. 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.