sebi:EAD-2/DSR/VVK/318/2014
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Facts / Headnote
Penalty imposed on the Noticee for failure to disclose acquisition of shares within the prescribed time under the Takeover Regulations, 1997.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 7(2)
Parties
- VSB Investments Limited
Holding
The Noticee, VSB Investments Limited, violated Regulation 7(1) read with Regulation 7(2) of the Takeover Regulations, 1997 by failing to disclose its acquisition of shares within the prescribed two-day period, and is liable for a monetary penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 6 SHOW CAUSE NOTICE, HEARING & REPLY 3. A Show Cause Notice (SCN) dated 15th 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 by hand delivery, 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 for the alleged violations. However, the SCN returned undelivered with the remark " Consignee shifted". Thereafter, the notice was affixed at the last known address of the noticee on 2nd September, 2014. The affixture report of the same is available on record. Till date, no reply has been received from the noticee in the matter.
Page 3 of 6 C. If so, what quantum of monetary penalty should be imposed on the Noticee taking into consideration the factors mentioned in Section 15J of the SEBI Act, 1992?
Page 4 of 6 8. The details of the acquisition of shareholding by the noticee and the delayed reporting to the AOSL by the noticee are given below in a tabular form :-
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Source: SecMarx — sebi:EAD-2/DSR/VVK/318/2014. 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.