sebi:EAD-2/DSR/VVK/316/2014
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Facts / Headnote
Penalty imposed on the Noticee for failure to disclose acquisition of shares within the time specified under Regulation 7(1) of the Takeover Regulations, 1997.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 7(3)
- Reg. 7(2)
Parties
- Ms. Manju Gupta
Holding
The Noticee violated Regulation 7(1) of the Takeover Regulations, 1997 by failing to disclose the acquisition of shares to the target company within the prescribed time, and is liable for a monetary penalty under Section 15A(b) of the SEBI Act, 1992. A penalty of Rs. 5,00,000 was imposed on the Noticee.
Full text
Page 2 of 7 SHOW CAUSE NOTICE, HEARING & REPLY 3. A Show Cause Notice (SCN) dated 16th July, 2014, in terms of the provisions of Rule 4(1) of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (Adjudication Rules) was issued to the Noticee calling upon the Noticee to show cause as to why an inquiry should not be held against it and penalty be not imposed under Section 15A(b) of the SEBI Act, 1992. The Noticee filed its reply vide letter dated the 25th September, 2014, the contents whereof, inter alia, are reproduced as below :-
Page 3 of 7 ISSUES FOR CONSIDERATION 5. I have carefully perused the charges leveled against the Noticee as per the SCN, reply and the other material available on record. The issues that arise for consideration in the present case are :-
Page 4 of 7 (b) the acquisition of shares or voting rights, as the case may be. 7. From the material available on record, it was observed from the shareholding pattern that the noticee's shareholding increased from 5,26,000 (5.03%) to 10,48,000 (10.02%) i.e by 4.99% pursuant to the transaction of shares on 29th May, 2008. I note that the disclosure pertaining to the said transaction was received by AOSL from the noticee only on 9th June,2008. However, the noticee in Annexure `B' to her reply dated the 25th September, 2014 claimed to have filed it on 30th May,2008 without furnishing any documentary evidence to that effect . I also note that AOSL, in turn, filed the said information vide its letter dated 10th June,2008 to BSE upon receipt of the information by the noticee on 9/6/2008 .
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Source: SecMarx — sebi:EAD-2/DSR/VVK/316/2014. 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.