sebi:EAD-8/KS/AA/AO/2019-20/5626-5632
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Facts / Headnote
Penalty imposed on Noticees 1-5 jointly and severally for violation of Regulation 30(2) of SAST, 2011; Noticee-7 exonerated; charges against Noticee-6 regarding Regulation 11(2) not sustained as PAC finding; Noticee-5 held liable for Regulation 30(2) violation
Provisions invoked
- s. 15A
- s. 15
- s. 11
- s. 15H
- s. 15J
- s. 15F
- s. 28A
- s. 4A
- s. 2(72)
Regulations
- Reg. 11
- Reg. 199
- Reg. 2(1)(e)
- Reg. 10
- Reg. 2(1)(b)
- Reg. 2
- Reg. 8(2)
- Reg. 2(b)
- Reg. 7(3)
- Reg. 13(6)
- Reg. 31
- Reg. 30(3)
- Reg. 30(1)
- Reg. 30
- Reg. 30(2)
- Reg. 201
- Reg. 31(2)
- Reg. 11(2)
- Reg. 2(1)(e)(2)
- Reg. 31(3)
Parties
- Shri Maeilanandhan SKM (Noticee-1)
- Ms. Shyamala Sharmili (Noticee-2)
- Ms. S Kumuthavalli (Noticee-3)
- Shri Chandrasekar M (Noticee-4)
- Shri SKM Shree Shivkumar (Noticee-5)
- Tamilnadu Industrial Development Corporation Ltd (Noticee-6)
- Shri Sharath Ram SK (Noticee-7)
Holding
Noticees 1-5 were held liable for violating Regulation 30(2) read with Regulation 30(3) of SAST, 2011 by making delayed disclosures for financial years ending 2012, 2013 and 2014, and a penalty of Rs. 2,00,000 was imposed jointly and severally. Noticee-7 (a minor) was exonerated, and Noticee-5 was proceeded against as father and natural guardian.
Full text
Page 2 of 35 Shivkumar (hereinafter referred to as ‘Noticee-5’), Tamilnadu Industrial Development Corporation Ltd (hereinafter referred to as ‘Noticee-6’) had violated the provisions of Regulations 30(1) and 30(2) of SAST, 2011. SEBI also observed that Noticee-1 to 6 along with Shri Sharath Ram SK (hereinafter referred to as ‘Noticee-7’) (hereinafter collectively referred to as ‘Noticees’) had violated the provisions of Regulation 11(2) of the SAST, 1997. SEBI further observed that Noticee-5 had violated Regulation 31(2) of the SAST, 2011.
Page 3 of 35 proceedings against SKM Egg was disposed of, vide settlement order dated February 28, 2019. 4. The details in respect of alleged violation by the Noticees inter alia are as given below:
Page 4 of 35 Sr. No. M/s SKM Egg Products Exports (India) Limited Quarter ending % promoter group holding during the quarter ending Increase/ (Decrease) (%)
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/2019-20/5626-5632. 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.