sebi:EAD-2/DSR/RG/PU/181-196/2014
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Facts / Headnote
Penalty imposed on Noticees for delayed disclosure; proceedings against Noticee No. 7 abated
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 30(3)
- Reg. 30
- Reg. 30(2)
Holding
The Adjudicating Officer held that the Noticees, being promoters of GGGL, violated Regulation 30(2) read with Regulation 30(3) of the Takeover Regulations, 2011 by making delayed disclosures of their aggregate shareholdings with a delay of 110 days, and imposed a penalty of Rs. 15,00,000/- jointly and severally under Section 15A(b) of the SEBI Act. Proceedings against Noticee No. 7 (Hoondi Bai) were abated due to her demise.
Full text
Page 2 of 9 1. Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’) conducted an examination into the draft letter of offer filed by Shri Asit Kumar Ghosh (acquirer) to acquire 26% shares of Gee Gee Granites Limited (hereinafter referred to as ‘GGGL'), a company listed on the Bombay Stock Exchange (BSE) and Madras Stock Exchange (MSE).
Page 3 of 9 Nos. 3, 4 & 5 vide their letter dated June 09, 2014 requested 15 days time to submit their replies to the SCNs. Further, vide letter dated July 04, 2014, Noticee Nos. 3, 4 & 5 again sought additional time to file their replies. However, no replies were received from the Noticees.
Page 4 of 9 time and opportunities have been granted to Noticee Nos. 3, 4 & 5 to file their replies in the matter. However, no replies have been received till date. Further, the hearing notices issued to Noticee Nos. 12, 13, 14 and 15 were returned undelivered. Therefore, another opportunity of hearing was granted to Noticees Nos. 12, 13, 14 and 15 on August 25, 2014 vide notice dated August 12, 2014. The said hearing notices were also sent for affixture at the last known addresses of the Noticees in terms of Rule 4(7) of the said Rules and the report thereof is available on record. However, the said Noticees did not attend the hearing on the scheduled date.
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Source: SecMarx — sebi:EAD-2/DSR/RG/PU/181-196/2014. 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.