sebi:EAD-8/KS/AA/AO/166-171/2018-19
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Facts / Headnote
Violations established; monetary penalties imposed jointly and severally under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 30(3)
- Reg. 30(1)
- Reg. 30
- Reg. 30(2)
- Reg. 35(2)
- Reg. 10(5)
- Reg. 10(7)
Parties
- Shri Anand Kumar Arya
- M/s Blue Blends Finance Limited
- M/s Anand Kumar Arya HUF
- Ms. Indu Anand Arya
- Shri Aman Anand Arya
- M/s Cressida Traders Pvt. Ltd.
Holding
Noticee 1 and Noticee 2 violated Regulations 10(5), 10(6) and 10(7) of SAST Regulations, 2011 and Noticee 1, Noticee 3, Noticee 4, Noticee 5 and Noticee 6 violated Regulations 30(1) and 30(2) read with Regulation 30(3) of SAST Regulations, 2011, and monetary penalties of Rs. 3,00,000 and Rs. 2,00,000 respectively, payable jointly and severally, were imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 22 (hereinafter referred to as ‘Noticee 1’) and M/s Blue Blends Finance Ltd. (hereinafter referred to as ‘Noticee 2’) in the past had violated the provisions of Regulation 10(5), 10(6) and 10(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations, 2011’). It was also observed by SEBI that the Noticee 1 along with M/s Anand Kumar Arya HUF (hereinafter referred to as ‘Noticee 3’), Ms. Indu Anand Arya hereinafter referred to as ‘Noticee 4’), Shri Aman Anand Arya (hereinafter referred to as ‘Noticee 5’) and M/s Cressida Traders Pvt. Ltd. (hereinafter referred to as ‘Noticee 6’) in the past had violated the provisions of Regulations 30(1) and 30(2) of SAST Regulations, 2011. In view of the same, SEBI initiated adjudication proceedings against the above entities, who are hereinafter collectively referred to as ‘Noticees’.
Page 3 of 22 under the provisions of Section 15A(b) of the SEBI Act for the above alleged violations of SAST Regulations, 2011 .
Page 4 of 22 mandated under Regulations 30(1) and 30(2) [read with Regulation 30(3)] of SAST Regulations, 2011, in respect of aggregate shareholding and voting rights as of March 31, 2014 in the Target Company, within seven working days from the end of financial year, i.e., 2013-14 to,—(a) every stock exchange where the shares of the Target Company are listed; and (b) the Target Company at its registered office. It was observed that Noticee 1, Noticee 3, Noticee 4, Noticee 5 and Noticee 6 failed to make the requisite disclosures mandated under Regulations 30(1) and 30(2) of SAST Regulations, 2011 to the stock exchange, i.e., BSE for the financial year 2013-14. The due date for the said compliance was April 10, 2014. In view of the same, it was alleged that Noticee 1, Noticee 3, Noticee 4, Noticee 5 and Noticee 6 have violated the provisions of Regulations 30(1) and 30(2) [read with Regulation 30(3)] of SAST Regulations, 2011.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/166-171/2018-19. 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.