sebi:EAD-9/SM/17-19/2019-20
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Facts / Headnote
Violation established; penalty of Rs. 5,00,000 each imposed on Noticee Nos. 1, 2 and 3
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 28A
Regulations
- Reg. 13
- Reg. 13(5)
- Reg. 12
- Reg. 201
Parties
- Mr. Keyur M Shah
- Keyur M Shah (HUF)
- Ms Kavita K Shah
Holding
Noticee Nos. 1, 2 and 3, as promoters of Kelvin Fincap Ltd, violated Regulation 13(4A) read with Regulation 13(5) of PIT Regulations, 1992 by failing to disclose change in promoter shareholding to BSE and are each liable to Rs. 5,00,000 penalty under Section 15A(b) of SEBI Act, 1992.
Full text
In the matter of Kelvin Fincap Ltd Page 2 of 10 12 14/04/2012 Keyur M Shah Narendra R Shah 80000 13 15/01/2013 Keyur M Shah Abhishek N Shah 25750
In the matter of Kelvin Fincap Ltd Page 3 of 10 advised to confirm about the receipt of the disclosures, if any, from Keyur M Shah, Kavita K Shah and Keyur M Shah (HUF) during April 01, 2012 to May 29, 2014. KFL, contrary to its earlier confirmation dated May 02,2015 and May 30,2015 , vide letter dated June 19, 2017, submitted that it had received disclosures from Keyur M Shah, Kavita K Shah and Keyur M Shah (HUF) and also provided certified copies thereof. 7.5. In view of the above, it was alleged that the erstwhile promoters of KFL, Noticee(s) No. 1, 2 and 3 failed to disclose the change in promoter shareholding to BSE in violation of Regulation 13(4A) read with 13(5) of PIT, 1992 .
In the matter of Kelvin Fincap Ltd Page 4 of 10 9.2. Noticee No. 1 and Authorized Representative (hereinafter referred to as “AR”) appeared before the undersigned on behalf of Noticees on the said date. AR reiterated to the written submission made and Noticee claimed that they had not transferred the shares to any one and they continue to hold those shares. Noticees were advised to produce the original share certificates allotted to the Noticees. Another opportunity of personal hearing was granted on March 11, 2019 to produce the desired documents.
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Source: SecMarx — sebi:EAD-9/SM/17-19/2019-20. 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.