sebi:EAD-7/BJD/NJMR/2018-19/1732

SEBI · SEBI · 2017-02-06 · B J Dilip, Adjudicating Officer

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Facts / Headnote

Violation established; monetary penalty imposed

Provisions invoked

Regulations

Parties

Holding

The Noticee violated Regulation 13(3) of SEBI (PIT) Regulations, 1992 read with Regulation 12(2) of SEBI (PIT) Regulations, 2015 by making delayed disclosures of changes exceeding 2% of shareholding in Polar Pharma India Ltd., and a penalty of Rs. 2,00,000 under Section 15A(b) of SEBI Act, 1992 was imposed.

Full text

Adjudication Order in respect of Krupa Agencies Private Ltd., in the matter of Polar Pharma India Ltd., Page 2 of 14 (PIT) Regulations, 1992 read with Regulation 12 (2) of SEBI (PIT) Regulations,

Adjudication Order in respect of Krupa Agencies Private Ltd., in the matter of Polar Pharma India Ltd., Page 3 of 14 (hereinafter referred to as “Authorized Representative / AR”) to submit reply and appear for personal hearing on its behalf. The AR vide letter dated June 22, 2018 (received on June 28, 2018) submitted that the facts and circumstances referred to in the SCN pertains to events dating back to more than 12 years and therefore sought additional time to understand the implications of the allegations and to retry the underlying data. Vide the aforesaid letter, the AR sought inspection of documents and copies of all the documents on the basis of which SCN was issued. In response to the notice of hearing dated June 28, 2018, the AR vide letter dated July 6, 2018 reiterated its submissions made by it vide its letter dated June 22, 2018. The Noticee, vide email dated July 11, 2018 was informed to carryout inspection of documents by July 20, 2018 and to submit its reply to the charges alleged in the SCN, by July 31, 2018.

Adjudication Order in respect of Krupa Agencies Private Ltd., in the matter of Polar Pharma India Ltd., Page 4 of 14 (c) In accordance with Regulation 13 (3) of SEBI (PIT) Regulations, 1992, the Company was specifically informed by the Noticee regarding the change in its shareholding. However, since the records pertain to a period dating back to more than 12 years, the Noticee neither possesses a copy of the disclosure made to the Company nor under any statutory obligation to retain the same.

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Source: SecMarx — sebi:EAD-7/BJD/NJMR/2018-19/1732. 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.