sebi:EAD-8/JS/SP/98/2017-18
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Facts / Headnote
Penalty of Rs.10,00,000 imposed under Section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29(1)
- Reg. 18
- Reg. 25
Parties
- Cressida Traders P Ltd.
Holding
Cressida violated Regulation 29(2) r/w 29(3) of Takeover Regulations, 2011 and Regulation 13(3) r/w 13(5) of PIT Regulations by delayed/non-disclosure of changes in shareholding, and a monetary penalty of Rs.10,00,000 under Section 15A(b) of SEBI Act was imposed.
Full text
Adjudication Order in the matter of Vishwamitra Financial Services Ltd – Noticee Cressida Traders P Ltd. Page 2 of 9 Penalties by Adjudicating Officer) Rule, 1995 (‘Adjudicating Rules’), to inquire into and adjudge under Section 15A(b) of SEBI Act. Consequent to transfer vide Office
Adjudication Order in the matter of Vishwamitra Financial Services Ltd – Noticee Cressida Traders P Ltd. Page 3 of 9 5. In this regard, the Noticee vide letters dated December 08, 2017, January 11, 2018 and January 29, 2018 has submitted that:
Adjudication Order in the matter of Vishwamitra Financial Services Ltd – Noticee Cressida Traders P Ltd. Page 4 of 9 Case of Reliance Industries Ltd. v SEBI ( SAT Appeal No. 39/2002)– The company failed to make relevant disclosure in time under Regulation 7(1) of Takeover Regulations, and Hon’ble SAT observed that "The High Court in Cabot's case has pronounced that if a breach was merely technical and unintentional, it does not merit penal consequence. It ultimately depends on the facts of each case.”
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Source: SecMarx — sebi:EAD-8/JS/SP/98/2017-18. 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.