sebi:EAD-2/DSR/VS/827-845/2017
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Facts / Headnote
Charges not established; matter disposed of
Provisions invoked
- s. 15
- s. 81
- s. 15H
Regulations
- Reg. 3
- Reg. 10
- Reg. 11(1)
- Reg. 3(1)(c)
- Reg. 77
- Reg. 14
Holding
The alleged violation of Regulation 11(1) read with Regulation 14 of the SAST Regulations, 1997 does not stand established against Noticees 1 to 19, and the adjudication proceedings are disposed of with no penalty.
Full text
______________________________________________________________________________________ Page 2 of 7 (Substantial Acquisition of Shares and Takeover) Regulations, 1997 (hereinafter referred to as ‘SAST Regulations, 1997’) by its promoters (1) Prakash Wanti, (2) Naresh K. Malhotra, (3) Anil K. Malhotra, (4) Seema Malhotra, (5) Madhu Malhotra, (6) Anil K. Malhotra HUF, (7) Naresh K. Malhotra HUF, (8) B L Malhotra & Sons HUF, (9) Devang Shah, (10) Ajay Desai, (11) Mukund Lal Puri, (12) Harban Singh, (13) Sriram KSN, (14) Divyesh Jani, (15) Venkatraman KSN, (16) Chandrika Traders Limited, (17) Sanawar Investment, (18) Shivalik Securities Limited and (19) BTJ Leasing & Investment Limited (hereinafter referred to as Noticee 1 to 19 and/or collectively referred to as the ‘Noticees’) in the matter of Bhagyashree Leasing and Finance Limited (hereinafter referred to as BLFL/Company), a company listed in Bombay Stock Exchange (BSE) and Delhi Stock Exchange (DSE). Appointment of Adjudicating Officer
______________________________________________________________________________________ Page 3 of 7 holding in the equity shares of BLFL. Without prejudice to the above I further submit as under: I was not part of the management of company nor did I act in concert with any one. I was not liable to make any public offer. I had not acquired equity shares allotted under preferential allotment in Sept. 2001 by BLFL. I am not liable for any enquiry and imposition of any penalty as I have not contravened the provision(s) of SEBI (SAST) Regulations, 1997.On the basis of above, request you to drop the proceedings against me and ensure to provide all the assistance if required by your goodself."
______________________________________________________________________________________ Page 4 of 7 allotment of 5,00,000 equity shares to the promoters, their associates, friends and relatives. The Company (BLFL) in its notice dated 16.07.2001 along with extraordinary statement of Extra Ordinary General meeting has disclosed the following particulars in terms of Regulation 3 (1)(c) of SEBI (Substantial Acquisition of Shares) and Takeovers Regulations, 1997:
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Source: SecMarx — sebi:EAD-2/DSR/VS/827-845/2017. 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.