sebi:EAD-2/DSR/RG/554-562/2015
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Facts / Headnote
Penalty imposed on Noticees; proceedings against two deceased Noticees abated
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 11
- Reg. 10
- Reg. 11(2)
- Reg. 11(2)(i)
Parties
- Walchand Kamdhenu Commercial Private Limited
- Chakor L. Doshi
- Champa Chakor Doshi
- Sharayu Daftary
- Walchand Chiranika Trading Private Limited
- Walchand Great Achievers Private Limited
- Walchand Nagar Industries Limited
- Lalchand Hirachand
- Lalitabai Lalchand
Holding
The Noticees, comprising the acquirer Walchand Kamdhenu Commercial Private Limited and its persons acting in concert, violated Regulation 11(2) of the SAST Regulations by acquiring shares constituting 1.53% of the company through a bulk deal without making a required public announcement, and are liable for a monetary penalty of Rs. 21,25,000 under Section 15H(ii) of the SEBI Act.
Full text
Page 2 of 11 Limited, Walchand Great Achievers Private Limited and Walchand Nagar Industries Limited(hereinafter collectively referred to as the 'Noticees') had acquired 3050 shares constituting 1.53% of the total paid up equity capital of the Company on May 27, 2010 through bulk deal. However, it was observed that no public announcement was made for the said acquisition by the Noticees as required under Regulation 11(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the 'SAST Regulations').
Page 3 of 11 Private Limited on the scheduled date and made oral submissions. The AR further submitted that the Noticees viz. Lalchand Hirachand and Lalitabai Lalchand have expired. Also, the AR requested time to file additional
Page 4 of 11 acquire either by himself or through or with persons acting in concert with him any additional sharesentitling him to exercise voting rights or voting rights therein, unless he makes a public announcement to acquire shares in accordance with these Regulations:
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Source: SecMarx — sebi:EAD-2/DSR/RG/554-562/2015. 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.