sebi:EAD-2/SS/VS/2018-19/1745-1757
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violations established against Noticees No. 1 and 2; Noticees No. 3 to 13 absolved of liability for non-compliance with regulation 3(3) and 3(4) of SAST Regulations
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
- s. 15F
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 11
- Reg. 3
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 7(2)
- Reg. 3(1)
- Reg. 3(4)
- Reg. 11(2)
- Reg. 3(3)
- Reg. 3(1)(e)
- Reg. 3(5)
Holding
Noticees No. 1 and 2 were held liable for failing to make requisite disclosures under regulations 3(3), 3(4) read with 3(5) of SAST Regulations, regulations 7(1) and 7(1A) of SAST Regulations, and regulations 13(3) and 13(4) of PIT Regulations in connection with inter-se promoter share transfers in Martin Burn Limited during December 2009 to January 2010. Noticees No. 3 to 13 (other promoters alleged to be PACs) were not held liable as they had not acquired any shares and were levelled as PACs merely on account of status.
Full text
________________________________________________________________________ Adjudication Order in the matter of Martin Burn Limited Page 2 of 20 (File Ref No.: EAD-2/SS/VS/45/103-115/2018-19)
________________________________________________________________________ Adjudication Order in the matter of Martin Burn Limited Page 3 of 20 (File Ref No.: EAD-2/SS/VS/45/103-115/2018-19)
________________________________________________________________________ Adjudication Order in the matter of Martin Burn Limited Page 4 of 20 (File Ref No.: EAD-2/SS/VS/45/103-115/2018-19)
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/SS/VS/2018-19/1745-1757. 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.