sebi:EAD-8/KS/MKG/AO/164/2018-19
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Facts / Headnote
Proceedings abated; SCN dated July 18, 2018 disposed without going into merits
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 7(2)
- Reg. 22(16)
Parties
- Ms. Lakshmi Baheti
Holding
The adjudication proceedings against Ms. Lakshmi Baheti abate on account of her death on June 17, 2011. The SCN dated July 18, 2018 against her is disposed of accordingly without going into the merits of the case.
Full text
Page 2 of 5 APPOINTMENT OF ADJUDICATING OFFICER 3. SEBI appointed undersigned as Adjudicating Officer vide communique dated April 26, 2018 under Section 15-I of the SEBI Act, read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) to inquire into and adjudge the violations alleged to have been committed by the Noticee.
Page 3 of 5 6. Further, Promoter group, on September 15, 2009 acquired 1,32,760 (9.51%) shares of TCL. As a result of the aforesaid acquisitions, the shareholding of the promoter group increased from 9,89,064 shares (70.86%) to 11,21,824 shares (80.37%) i.e. acquisition of more than 2%, which required the promoter group to make disclosures in terms of Regulation 7(1A) of SAST Regulations, to the company and to the stock exchange, for the aforesaid acquisitions however, it is alleged that the Promoter group has not made required disclosures and therefore Promoter group including the Noticee has violated Regulation 7(1A) read with Regulation 7(2) of SAST Regulations.
Page 4 of 5 Avinash Kankani vide email dated July 27, 2018, replied that he has no relationship with the Noticee but one Mr. Abhay Baheti (Who is also part of promoter group of TCL and one of the Noticees in the SCN) is son of the Noticee. Thereafter, vide email dated August 01, 2018, Mr. Abhay Baheti was asked to confirm death of the Noticee and his relationship with her. Mr. Abhay Baheti, vide email dated August 06, 2018 confirmed that he is son of the Noticee and also furnished copy of death certificate of the Noticee which is same as the copy furnished by Avinash Kankani.
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Source: SecMarx — sebi:EAD-8/KS/MKG/AO/164/2018-19. 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.