sebi:EAD-5/BS/AO/76/2017-18
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Facts / Headnote
Show cause notice disposed of without imposition of any penalty
Provisions invoked
- s. 21
- s. 23
- s. 23A
Parties
- Shri Atul Kumar Shukla
Holding
The Adjudicating Officer held that it is not a fit case to impose a penalty on Shri Atul Kumar Shukla under Sections 23A and 23E of the SCRA, 1956, and disposed of the show cause notice without imposing any penalty.
Full text
Page 2 of 17 these decisions were not disclosed on the website of National Stock Exchange (NSE). 4. With regard to proposed rights issue, HIL had filed a Draft Letter of Offer (DLOO) dated May 30, 2008 with SEBI on June 2, 2008. Subsequently, HIL had withdrawn the DLOO from SEBI on October 1, 2008. Further, the Board of Directors (BoD) of HIL in its Meeting dated October 31, 2008 had taken note of withdrawal of DLOO and had also decided to defer the decision to refile DLOO with reasons. However, only the decision to refile the DLOO was announced to stock exchanges but not the fact that the BoD had taken note of withdrawal of DLOO. Thus, the HIL did not inform the Stock Exchange the information of withdrawal of DLOO, either immediately after withdrawal of DLOO or thereafter at the time of announcing outcome of board meeting dated October 31, 2008.
Page 3 of 17 APPOINTMENT OF ADJUDICATING OFFICER 8. Initially Shri Piyoosh Gupta was appointed as the Adjudicating Officer (AO) vide
Page 4 of 17 that the irregularities committed during my tenure as Non-executive Director are not directly attributable to me as it was the duty and responsibility of the Designated/Compliance Officer to disclose the relevant Board decisions as per the listing requirements. These facts of non-disclosure were never brought to my notice, and as far as I recollect, those were never discussed in any of the Board meetings during my tenure as Non-Executive Director. I may also submit that I do not have, and never had any shares of the company and those of SKIL Group of companies and further that I had no pecuniary interest (excepting the sitting fees) with the Company and or SKIL group of companies. I attended the first Board Meeting on 30.6.2008, convened after that of 9.5.2008. I was not in the committee for Share Allotment & Transfer of the Company. Further submission for RI proposal:- BMs 5.9.2007; 30.10.2007; 19.12.2007; 26.12.2007; 31.1.2008; EGM 21.1.2008; BMs15.2.2008;21.2.2008; EGM 14.3.2008; -- I was not on the Board of HIL. Further, was appointed as Additional Director in the BM of 9.5.2008 in which DLOO w.r.t. Rl was approved and adopted- I was not the member of the Board. I am not able to recollect as to whether circular resolution dated 30.5.2008 w.r.t. modified DLOO was sent to me for perusal and approval! The Compliance officer/Company Secretary/MD were required to ensure and all compliances and they were directly responsible for the same. They, as per r
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Source: SecMarx — sebi:EAD-5/BS/AO/76/2017-18. 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.