sebi:EAD-2/DSR/PU/527-540/2015
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Facts / Headnote
Penalty imposed on 13 Noticees; proceedings against Shri Gopikishan Bhangadia abated
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 10
- Reg. 11(2)
Holding
The Noticees violated Regulation 11(2) of the SAST Regulations by acquiring 3.30% of TDPL shares through a bulk deal on January 22, 2010 without making a public announcement, and a penalty of Rs. 22,00,000 was imposed jointly and severally on 13 Noticees under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 12 the provisions of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the 'Act') and various Rules and Regulations made there under.
Page 3 of 12 Show Cause Notice, Reply and Personal Hearing: 4. Show Cause Notices dated July 09, 2014 (hereinafter referred to as SCNs) were issued to the Noticees in terms of Rule 4 of the said Rules requiring them to show cause as to why an inquiry should not be held against them for the alleged violation of provisions of law. Vide letter dated July 25, 2014, Shri Arun Kumar Bhangadia on behalf of himself and the other Noticees, sought time of 10 days to file their reply in the matter, as they were in the process of collecting data. Accordingly, TDPL Healthcare (India) Ltd., filed a common undated reply on behalf of the Noticees which was received on August 11, 2014. Therefore, in the interest of natural justice and in order to conduct an inquiry as per Rule 4 (3) of the said Rules, an opportunity of personal hearing was granted to the Noticees on October 05, 2015.
Page 4 of 12 (b) Do the violations, if any, on the part of the Noticees attract any penalty under Section 15 H (ii) of the Act? (c) If yes, what should be the quantum of penalty?
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Source: SecMarx — sebi:EAD-2/DSR/PU/527-540/2015. 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.