sebi:EAD-3/VSS/GSS/2019-20/5534
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Facts / Headnote
Adjudication proceedings disposed of without imposition of any monetary penalty
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
Regulations
- Reg. 29(1)
- Reg. 29(3)
Parties
- Balram Takurdas Bharwani
Holding
The Noticee failed to make disclosure in accordance with regulation 29(1) r/w regulation 29(3) of SAST Regulations, but no monetary penalty was imposed under section 15A(b) of the SEBI Act as the non-compliance was not deliberate and the default was venial.
Full text
Adjudication Order in respect of Balram Takurdas Bharwani || Page 2 of 6 the Target Company within two working days from the date of aforesaid acquisition u/r 29(1) r/w regulation 29(3) of SAST Regulations.
Adjudication Order in respect of Balram Takurdas Bharwani || Page 3 of 6 b) I started investing in the Target Company since January 2007 out of my small savings. c) I failed to notice that my holding had crossed the limit and inadvertently the same was not reported. d) The said increase happened due to oversight, when noticed, subsequently it has been rectified. e) I request to kindly consider the above facts and circumstances and not impose any penalty on me for this oversight.
Adjudication Order in respect of Balram Takurdas Bharwani || Page 4 of 6 July 29, 2016. However, the same was not made within the stipulated time frame as mandated under regulation 29(3) of SAST Regulations.
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Source: SecMarx — sebi:EAD-3/VSS/GSS/2019-20/5534. 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.