sebi:EAD-5/BS/AO/36-40/2017-18
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Facts / Headnote
Adjudication proceedings disposed of without any penalty; benefit of doubt given to Noticees
Provisions invoked
- s. 15A
- s. 15
- s. 15I
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(6)
- Reg. 29(2)
Parties
- Shri Akash Gupta
- Ms. Rama Gupta
- Shri Anil Kumar
- Tanvi Fincap Pvt. Ltd.
- CCL International Ltd.
Holding
The Adjudicating Officer held that the Noticees did not warrant any penalty for the alleged failure to disclose change in shareholding to stock exchanges, and disposed of the adjudication proceedings without penalty, giving the Noticees the benefit of doubt.
Full text
Page 2 of 10 Takeovers) Regulation, 2011 (hereinafter referred to as SAST Regulations, 2011) and SEBI (Prevention of Insider Trading) Regulations, 1992 (hereinafter referred to as PIT Regulations) by Shri Akash Gupta, Ms. Rama Gupta, Shri Anil Kumar, Tanvi Fincap Pvt. Ltd. and CCL International Ltd. (hereinafter referred to as Noticee Nos. 1 to 4 and company respectively and collectively as Noticees)
Page 3 of 10 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 5. A Common Show Cause Notice dated April 29, 2016 (hereinafter referred to as 'SCN') was issued to the Noticees in terms of Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 read with Section 15I of SEBI Act, 1992 for the violations as specified in the SCN.
Page 4 of 10 disclosures were made well within the time specified in the SAST Regulations and PIT Regulations and submitted proof of delivery to the company and Delhi Stock Exchange (DSE). With respect to the disclosures to Bombay Stock Exchange (BSE), the AR submitted that the disclosures were also made to BSE well within the time prescribed under the Regulations and submitted the copy of courier receipts. However, it is noted from the records that the said disclosures regarding change of shareholding of the Noticees were not reflected on BSE’s website.
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Source: SecMarx — sebi:EAD-5/BS/AO/36-40/2017-18. 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.