sebi:EAD-2/DSR/RG/PU/566-567/2016
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Facts / Headnote
Violation found; penalty of Rs 25,00,000 imposed jointly and severally under Section 23E of the SCR Act, 1956; no penalty under Section 23H
Provisions invoked
- s. 21
- s. 23
- s. 23E
- s. 23H
Parties
- Steelco Gujarat Limited
- Spica Investments Limited
Holding
The Noticees violated Section 21 of the SCR Act, 1956 and proviso to Rule 19A(1) of the SCR Rules, 1957 read with Clause 40A of the Listing Agreement by complying with the 25% minimum public shareholding requirement only on August 06, 2014 with a 14-month delay beyond June 03, 2013, and are liable to a penalty of Rs 25,00,000 jointly and severally under Section 23E, with Section 23H not attracted.
Full text
Page 2 of 9 proceedings against the Noticees for the alleged violation of the provision of law in the matter. Appointment of Adjudicating Officer
Page 3 of 9 (a) Whether the Noticees have violated the provisions of Section 21 of the SCR Act, 1956 and proviso to Rule 19 A (1) of the SCR Rules, 1957 read with Clause 40A of the Listing Agreement? (b) Do the violations, if any, on the part of the Noticees attract any penalty under Section 23 E and 23 H of the SCR Act, 1956? (c) If yes, what should be the quantum of penalty?
Page 4 of 9 Listing Agreement: 40A. Minimum level of public shareholding (i) The issuer company agrees to comply with the requirements specified in Rule 19(2) and Rule 19A of the Securities Contracts (Regulation) Rules, 1957. (ii) .......
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Source: SecMarx — sebi:EAD-2/DSR/RG/PU/566-567/2016. 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.