sebi:EAD-7/BJD/NJMR/109-112//2017-18
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Facts / Headnote
Penalty imposed on Shark Communications Pvt. Ltd., Sham Sunder Gupta and Saroj Gupta for violations of SAST and PIT Regulations; SCN against DMC Education Ltd. disposed of without penalty as charge not established.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 12
- s. 4A
Regulations
- Reg. 7
- Reg. 13
- Reg. 11
- Reg. 12(1)
- Reg. 13(4)
- Reg. 13(5)
- Reg. 12
- Reg. 35
Parties
- Shark Communications Pvt. Ltd.
- Sham Sunder Gupta
- Saroj Gupta
- DMC Education Ltd.
Holding
Shark Communications Pvt. Ltd. violated SAST disclosure requirements, Sham Sunder Gupta violated PIT disclosure and Code of Conduct requirements, and Saroj Gupta violated Code of Conduct requirements, attracting monetary penalty; the charge against DMC Education Ltd. was not established.
Full text
Adjudication Order in the matter of DMC International Ltd., Page 2 of 23 Acquisition of Shares & Takeovers), 1997 & 2011 (hereinafter referred to “SAST Regulations”), as applicable. The summary of findings in brief observed during the course of investigation in respect of the Noticees and the corresponding violations of respective Regulations are furnished hereunder. Sl. No., Name of the Noticee Nature of findings in brief Violations observed 1 Shark Communications Pvt., Ltd., Failed to disclose the increase of shareholding to 14% in the scrip of DMCIL Regulation 7 (1) read with Regulation 7 (2) of SAST Regulations, 1997 and Regulation 35 of SAST Regulations, 2011). 2 Sham Sunder Gupta Failed to disclose the trades done in the scrip of DMCIL, which were over and above 25,000 shares.
Adjudication Order in the matter of DMC International Ltd., Page 3 of 23 APPOINTMENT OF ADJUDICATING OFFICER 2. Pursuant to investigation, SEBI initiated Adjudication Proceedings against the Noticees and appointed Ms. Anita Kenkare as the Adjudicating Officer vide
Adjudication Order in the matter of DMC International Ltd., Page 4 of 23 6. However, vide email (corporatejudisllp@gmail.com) dated July 12, 2018, on behalf of the Noticees 2, 3 and 4, Corporate Judis LLP, Legal Counsel requested for short adjournment of personal hearing. Accordingly, vide email dated July 12, 2018, it was informed to Corporate Judis LLP, Legal Counsel at the aforesaid email ID, that the personal hearing has been adjourned to July 17, 2018. I note that neither the Noticees 2, 3 and 4 availed the opportunity of personal hearing on July 17, 2018 nor submitted any reply to the SCN till date.
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Source: SecMarx — sebi:EAD-7/BJD/NJMR/109-112//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.