sebi:EAD-5/SVKM/RGA/AO/26/2015-16
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Facts / Headnote
Noticee held liable for contravention of section 12A(a), (b), (c) read with section 27 of SEBI Act, 1992, regulations 3(a), (b), (c), (d), 4(1) and 4(2)(f) and (r) of PFUTP Regulations, 2003, and regulation 13(4) read with 13(5) of PIT Regulations, 1992; penalty quantum to be determined
Provisions invoked
- s. 41(3)
- s. 15A
- s. 12A
- s. 12
- s. 15H
- s. 27
- s. 16
- s. 15I
- s. 15J
- s. 25
- s. 17
- s. 10
- s. 152A
- s. 11
- s. 22(1)
Regulations
- Reg. 4
- Reg. 3
- Reg. 13
- Reg. 13(4)
- Reg. 4(1)
- Reg. 4(2)(f)
- Reg. 3(a)
- Reg. 13(5)
- Reg. 31(1)
- Reg. 58
- Reg. 4(2)(r)
- Reg. 28(3)
Parties
- Brijmohan Rathi
Holding
The Noticee, as promoter and Managing Director of Maharashtra Polybutenes Ltd., was held to have contravened section 12A(a), (b), (c) read with section 27 of the SEBI Act, 1992, regulations 3(a)-(d), 4(1) and 4(2)(f) and (r) of the PFUTP Regulations, 2003, and regulation 13(4) read with 13(5) of the PIT Regulations, 1992, by making false and misleading shareholding disclosures to BSE for four consecutive quarters and by failing to make disclosures in twelve instances.
Full text
Adjudication Order in respect of Brijmohan Rathi in the matter of Maharashtra Polybutenes Ltd. September 30 , 2015 Page 2 of 28 Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act, 1992') and Regulations made thereunder. During the relevant period, MPL had incurred losses till the financial year 2006-07 and made meagre profit of ` 2.87 crore and ` 2.91 crore for the financial years 2007-08 and 2008-09 respectively. MPL shares were infrequently traded earlier but during the relevant period a total of 53,51,932 shares were traded and the price increased from ` 53.35 to ` 79.95, an increase of 49.85%.
Adjudication Order in respect of Brijmohan Rathi in the matter of Maharashtra Polybutenes Ltd. September 30 , 2015 Page 3 of 28 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in respect of Brijmohan Rathi in the matter of Maharashtra Polybutenes Ltd. September 30 , 2015 Page 4 of 28 the hearing. Accordingly, the hearing was rescheduled to July 06,
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Source: SecMarx — sebi:EAD-5/SVKM/RGA/AO/26/2015-16. 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.