sebi:EAD-5/SVKM/AO/40/2017-18
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Facts / Headnote
No penalty for alleged SAST and PIT disclosure violations; penalty of Rs. 4,00,000 imposed for violation of sections 11C(3) and 11C(5) of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 11C(3)
- s. 11C(5)
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 11
- Reg. 13(1)
- Reg. 11(1)
- Reg. 7(2)
- Reg. 11(2)
- Reg. 35
Parties
- Lakeview Land Private Limited (now known as Lakeview Land LLP)
Holding
The Noticee did not violate Regulation 7(1) read with 7(2) and Regulation 7(1A) of SAST Regulations, 1997 and Regulation 13(1) of PIT Regulations, 1992, but violated Sections 11C(3) and 11C(5) of the SEBI Act, 1992 and is liable to monetary penalty under Section 15A(a).
Full text
Adjudication Order against Lakeview Land Pvt. Ltd. in the matter of Mahan Industries Ltd. Page 2 of 20 of the convertible equity warrants. Therefore, on February 20, 2010 MIL had issued & paid-up capital of 32,00,00,000 shares of `1/- each and outstanding convertible preferential warrants worth `5,15,00,000/-
Adjudication Order against Lakeview Land Pvt. Ltd. in the matter of Mahan Industries Ltd. Page 3 of 20 (Prohibition of Insider Trading) Regulations, 1992 (PIT Regulations, 1992). Since no such disclosure was made by the Noticee, it was alleged that the Noticee violated the provisions of regulation 13(1) of PIT Regulations, 1992.
Adjudication Order against Lakeview Land Pvt. Ltd. in the matter of Mahan Industries Ltd. Page 4 of 20 Regulations, 1992 and section 11C(3) and 11C(5) of the SEBI Act, 1992, by the noticee. Subsequent to the transfer of Shri A. Sunil Kumar, the undersigned is appointed as Adjudicating Officer, in the present matter, vide order dated June 22, 2015. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
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Source: SecMarx — sebi:EAD-5/SVKM/AO/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.