sebi:EAD-2/DSR/VVK/178/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the Noticee for failure to make disclosures under Regulation 13(4) read with Regulation 13(5) of the PIT Regulations, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 2(30)
- s. 2(59)
- s. 2(3)
- s. 2(51)
Regulations
- Reg. 13(4)
- Reg. 13(5)
- Reg. 2(g)
Parties
- Mr. Sanjay Joglekar
Holding
The Noticee, an Executive Vice President and Chief Financial Officer of Mahindra & Mahindra Ltd., was held to be an 'Officer' within the meaning of Section 2(30) of the Companies Act, 1956 read with Sections 2(51) and 2(59) of the Companies Act, 2013 and Regulation 2(g) of the PIT Regulations, and was found to have violated Regulation 13(4) read with Regulation 13(5) of the PIT Regulations, 1992 by failing to disclose the sale of 1000 shares within two working days.
Full text
Page 2 of 10 Regulations,1992 ( hereinafer referred to as the "PIT Regulations,1992" ), if any, in the matter. 3. It was observed that that the Noticee had traded in the shares of the company on 14th November, 2013 i.e. during closure of trading window from October 1, 2013 to November 14,2013 by selling 1000 shares of the Company on the NSE platform for a total amount of Rs.9,23,407/-. As a result of this sale transaction, the noticee was required to make disclosures under Regulation 13(4) read with Regulation 13(5) of the PIT Regulations,1992 to the company and the stock exchange viz. NSE within the specified two days which the noticee allegedly failed to comply with. The noticee's sale transaction is given as below : -
Page 3 of 10 show cause as to why an inquiry should not be held for the alleged violations. The Noticee vide its reply dated the 10th June, 2014 made submissions, which are, inter alia, as follows : --
Page 4 of 10 6. In the interest of natural justice and in order to conduct an inquiry as per Rule 4(3) of the said Rules, an opportunity of personal hearing was granted to the Noticee on 5th August, 2014. The noticee vide his letter dated 28th July,2014 expressed his inability to attend the hearing and requested for a new date. Thereafter, the noticee was granted another opportunity of hearing on 13th August,2014 which was attended by the noticee. During the hearing, the noticee reiterated the submissions made vide letter dated 10th June, 2014.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD-2/DSR/VVK/178/2014. 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.