sebi:EAD-2/DSR/RG/PU/271/2014
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Facts / Headnote
Penalty imposed on the Noticee for violation of Regulation 13(4) read with Regulation 13(5) of the PIT Regulations
Provisions invoked
- s. 15
- s. 15J
- s. 2(30)
- s. 2(24)
Regulations
- Reg. 13
- Reg. 2
- Reg. 13(4)
- Reg. 13(5)
Parties
- Shri Prem Meiwal
Holding
The Noticee, Shri Prem Meiwal, holding the position of Vice President - Corporate Affairs at VSL, was an 'Officer' of the company within the meaning of Section 2(30) of the Companies Act, 1956 read with Regulation 2(g) of the PIT Regulations, and was liable for violating Regulation 13(4) read with Regulation 13(5) of the PIT Regulations by making belated disclosures to the company and failing to disclose to the stock exchanges. A penalty of Rs. 5,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 13 'PIT Regulations'). It was observed that the Noticee had made the necessary disclosures to the company, belatedly and further, had failed to make the requisite disclosures to the stock exchanges.
Page 3 of 13 opportunity of personal hearing was granted to the Noticee on March 21, 2014. The Noticee attended the said hearing along with his authorised representative, Shri Vinay Chauhan, Advocate and reiterated the submissions made by the him vide his earlier replies. Further, vide letter dated March 20, 2014, the Noticee filed additional submissions along with a copy of the order dated December 17, 2013, passed by AO, SEBI. Vide his letter dated April 02, 2014, the Noticee filed another set of submissions in the matter.
Page 4 of 13 8. Before moving forward, I would like to refer to the relevant provisions of the PIT Regulations, which read as under:
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Source: SecMarx — sebi:EAD-2/DSR/RG/PU/271/2014. 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.