sebi:EAD-8/JS/SP/60-66/2017-18
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Facts / Headnote
Show Cause Notice dated April 29, 2016 disposed of without imposition of any penalty against the Four Noticees; proceedings abated against deceased noticees and against Muthulakshmi Lakshmi Balasubramanium as already covered by settlement order.
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
Regulations
- Reg. 11
- Reg. 10
- Reg. 14(1)
- Reg. 11(2)
Parties
- Tarunkumar Brahmbhatt
- Jinesh Bhatt
- Kiran R Jain
- Anil Mistry
- M Sivasubramaniam
- Venkatachalam R.V.E
- Muthulakshmi Lakshmi Balasubramanium
Holding
Violation of Regulation 11(2) read with Regulation 14(1) of the Takeover Regulations was not established against Tarunkumar Brahmbhatt, Jinesh Bhatt, Kiran R Jain and Anil Mistry, and the SCN against them was disposed of without penalty; proceedings against the deceased noticees were abated.
Full text
Adjudication Order in the matter of Velan Hotels Ltd. Page 2 of 10 4. Velan had made disclosure in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as ‘Takeover Regulations’) for the shares pledged and revoke of pledge for the shares which were returned by the lenders/pledgees to the Promoters of Velan. Also the Noticees namely Tarunkumar Brahmbhatt, Jignesh Bhatt, Kiran R Jain and Anil Mistry were shown as the promoters/promoter group of Velan for the quarter ended December 2009 and March 2010.
Adjudication Order in the matter of Velan Hotels Ltd. Page 3 of 10 9. The Company vide letter dated June 17, 2016 has informed that Shri M Sivasubramaniam and Shri Venkatachalam R.V.E, have expired on January 23, 2011 and July 26, 2011 respectively. The copy of the death certificates of the deceased is on records.
Adjudication Order in the matter of Velan Hotels Ltd. Page 4 of 10 Jain were obtained from Anand Rathi Securities Ltd., Stock Broker, through whom she carried out trades.
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Source: SecMarx — sebi:EAD-8/JS/SP/60-66/2017-18. 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.