sebi:EAD-4/SRP/AE/AO/2018-19/19
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed under Section 15A(b) of SEBI Act, 1992 for violation of Regulations 13(4) and 13(4A) of PIT Regulations, 1992; no penalty imposed under Section 23E of SCRA, 1956 for alleged Listing Agreement violations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 21
- s. 23
- s. 23E
Regulations
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
- Reg. 12(2)
- Reg. 42
- Reg. 33
- Reg. 34(1)
- Reg. 40(9)
Parties
- Prashant Mulekar
Holding
The Adjudicating Officer held Prashant Mulekar liable for delayed disclosures to NSE under Regulations 13(4) and 13(4A) of PIT Regulations, 1992 read with Regulation 12(2) of PIT Regulations, 2015 and imposed Rs. 2,00,000 penalty under Section 15A(b) of SEBI Act, 1992, while holding no penalty was warranted against him under Section 23E of SCRA, 1956 for alleged Listing Agreement violations.
Full text
Page 2 of 13 being Promoter and Managing Director of the Company during the said period, was required to make disclosures under Regulation 13(4) and 13(4A) of PIT Regulations, 1992 to the Company and also to the stock exchanges, where the Company’s shares are listed, namely the BSE Ltd. (BSE) and the National Stock Exchange of India Ltd. (NSE), with respect to his aforesaid transactions in the shares of the Company executed on October 20, 2011 and October 21, 2011. It is alleged that the Noticee has made delayed disclosures to NSE, and thereby violated the provisions of Regulation 13(4) and 13(4A) of PIT Regulations, 1992 read with Regulation 12(2) of PIT Regulations, 2015.
Page 3 of 13 violated the provisions of Clause 41 of the Listing Agreement read with Section 21 of SCRA, 1956. It was further observed during SEBI’s investigations, from BSE’s e-mail dated March 10, 2016, that the company has failed to comply with Clause 15/16, Clause 31, Clause 41 and Clause 47(c) of the Listing Agreement read with Section 21 of SCRA, 1956. Accordingly, it has been alleged that the Noticee being a non- independent director in the Company has violated Clause 15/16, Clause 31, Clause 41 and Clause 47(c) of Listing Agreement read with Section 21 of SCRA, 1956. APPOINTMENT OF ADJUDICATING OFFICER
Page 4 of 13 was affixed at the last known addresses of the Noticee vide letter dated July 17, 2018. Report of the affixture is available on record. It was also informed vide the aforesaid letter that the Noticee may appear for a personal hearing before the undersigned on August 08, 2018. Further, scanned copy of the SCN was also uploaded on the website of SEBI under the head “Enforcement → Unserved summons/Notices”. However, no reply to the SCN was received from the Noticee.
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Source: SecMarx — sebi:EAD-4/SRP/AE/AO/2018-19/19. 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.