sebi:EAD-2/DSR/VS/801-804/2017
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Facts / Headnote
Penalty of Rs.20,00,000 imposed on the Noticees jointly and severally under Section 15H(ii) of the SEBI Act, 1992 for violation of Regulation 11(2) of SAST Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 11
- Reg. 10
- Reg. 11(2)
Parties
- Mr. R. V Shekar
- Ms.Shyamala Shekar
- Ms.Sangeetha Shekar
- Ms.Swetha Shekar
Holding
The Noticees violated Regulation 11(2) of the SAST Regulations by acquiring shares through bulk deals without making a public announcement and are liable for monetary penalty under Section 15H(ii) of the SEBI Act, 1992.
Full text
______________________________________________________________________________________ Page 2 of 10 ,initiated adjudication proceedings against the Noticee(s) for the alleged violation of the provisions of Regulation 11 (2) of SAST Regulations.
______________________________________________________________________________________ Page 3 of 10 Consideration of Issues
______________________________________________________________________________________ Page 4 of 10 8. I find from the SCN that the noticees ,being promoter and promoter group of LHL, had acquired shares of company through bulk deal beyond the permissible limit on various occasions. The details of acquisitions made through bulk deals are as under: Name of the Acquirer Date of Acquisition Number of Shares Acquired % of shareholding Acquired Mr. R. V. Shekar September 09, 2009 200000 0.99% Mr. R. V. Shekar September 16, 2009 142700 0.70% Mr. R. V. Shekar September 17, 2009 110000 0.54% Mr. R. V. Shekar September 18, 2009 123859 0.61%
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Source: SecMarx — sebi:EAD-2/DSR/VS/801-804/2017. 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.