sebi:EAD-5/BS/AO/09/2017-18
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Facts / Headnote
Penalty imposed on Noticee for violation of disclosure requirements
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 7
- Reg. 7(1)
- Reg. 29
- Reg. 29(1)
Parties
- Shri Sandip Laxmanbhai Bhamani
Holding
The Noticee violated Regulations 29(1) read with 29(3) of SAST Regulations and Regulation 13(1) of PIT Regulations by failing to disclose his shareholding crossing 5% to the stock exchange and the target company within two working days, and a penalty of Rs. 2,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order against Shri Sandip Laxmanbhai Bhamani in the matter of Gujarat Terce Laboratories Ltd. Page 2 of 12 2. It was alleged that Noticee did not make necessary disclosures to Bombay Stock Exchange, where the share of the company are listed (hereinafter referred to as the stock exchange” as well as to GTL within two working days of his shareholding crossing 5% in the company.
Adjudication Order against Shri Sandip Laxmanbhai Bhamani in the matter of Gujarat Terce Laboratories Ltd. Page 3 of 12 8. Subsequently, vide hearing notice dated October 06, 2017, Noticee was granted another opportunity of being heard on October 23, 2017. As the Noticee was not available at his address, the said notice of hearing was affixed at the premises of the Noticee.
Adjudication Order against Shri Sandip Laxmanbhai Bhamani in the matter of Gujarat Terce Laboratories Ltd. Page 4 of 12 in concert with him in such target company, aggregating to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified. … (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to,— (a )every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office.
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Source: SecMarx — sebi:EAD-5/BS/AO/09/2017-18. 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.