sebi:EAD-2/DSR/VVK/251/2014
Facts / Headnote
Penalty imposed on the Noticee for violations of Takeover Regulations, 1997 and 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations relied on
- SEBI (SAST) Regulations, 1997 — 8(1)
- SEBI (SAST) Regulations, 1997 — 8(2)
- SEBI (SAST) Regulations, 2011 — 30(1)
- SEBI (SAST) Regulations, 2011 — 30(2)
- SEBI (SAST) Regulations, 2011 — 30(3)
Parties
- Glaxo Group Limited
Holding
The Noticee, Glaxo Group Limited, violated Regulation 8(1) and 8(2) of the Takeover Regulations, 1997 for the year 2007 and Regulation 30(1), 30(2) read with Regulation 30(3) of the Takeover Regulations, 2011 for the years 2012 and 2013 by making delayed disclosures of shareholding, and is liable for monetary penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 10 30(2) read with regulation 30(3) of the SEBI ( Substantial Acquisition of Shares and Takeovers ) Regulations, 2011 (hereinafter referred to as the "Takeover Regulations, 2011") for the year 2012 and 2013. However, the noticee made the disclosures with a delay thereby violated the aforesaid provisions of law. The details of delayed disclosures made by the noticee are given as below :-
Page 3 of 10 the said provisions of law. The noticee submitted its reply vide letter dated 19th August, 2014. 5. Thereafter, in the interest of natural justice and in order to conduct inquiry in terms of Rule 4(3) of the said Rules, the noticee was granted an opportunity of personal hearing on 22nd September, 2014. However, the noticee vide its response dated the 3rd September,2014 sought extension of time which was acceded to by adjourning the hearing to September 22, 2014. The Authorized Representative M/s. AZB & Partners, Advocates and Solicitors appeared on behalf of the noticee on 22nd September, 2014 and reiterated the submissions made vide their reply dated 19th August, 2014.
Page 4 of 10 7. Before proceeding further, it is pertinent to refer to the relevant provisions of the Takeover Regulations of 1997 and 2011, which read as under :-
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Source: SecMarx — sebi:EAD-2/DSR/VVK/251/2014. 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.