sebi:EAD-2/DSR/RG/313/2014
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Facts / Headnote
Penalty imposed on Noticee for failure to make timely disclosures under Regulation 8(3) of the Takeover Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 8
- Reg. 8(3)
Parties
- Pal & Paul Builders Ltd.
Holding
The Noticee, Pal & Paul Builders Ltd., failed to comply with the disclosure requirements under Regulation 8(3) of the Takeover Regulations for the years 1998 to 2011, and a penalty of Rs. 3,00,000/- was imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 9 November 07, 2013 (hereinafter referred to as the SCN) and the allegations leveled against the Noticee stands for the purpose of the present proceeding.
Page 3 of 9 5. Accordingly, the Authorised Representative (AR) Mr. P.K. Mishra, Manager (Listing), DSE appeared before me on the scheduled date and made oral
Page 4 of 9 (c) If so, what should be the quantum of monetary penalty? 8. Before proceeding further, I would like to refer to the relevant provisions of the Takeover Regulations which read as under: Continual Disclosures 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.
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Source: SecMarx — sebi:EAD-2/DSR/RG/313/2014. 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.