sebi:EAD-9/SM/83/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation of Regulation 13(6) held established; penalty of Rs 1,00,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13(3)
- Reg. 13(6)
- Reg. 13(5)
Parties
- Omkar Overseas Ltd.
Holding
Omkar Overseas Ltd. violated Regulation 13(6) of the PIT Regulations, 1992 by disclosing changes in shareholding to BSE only on January 15, 2013 after a delay of over three years. A monetary penalty of Rs 1,00,000 under Section 15A(b) of the SEBI Act, 1992 was imposed on the Noticee.
Full text
In the matter of M/s Omkar Overseas Ltd Page 2 of 6 5. Allegation in the SCN broadly are as follows: The shareholding of Ronit Satyanarayan Agarwal and Prashant Shankarlal Agarwal had reduced by more than 2% for which they made the disclosure to OOL on November 20,2009 and January 30,2010 respectively (within the prescribed time), However, it was alleged that Noticee delayed in making the said disclosure to the stock exchange and disclosed the above disclosures to BSE on January 15,2013 and thus violated the provisions of Regulation 13(6) of the PIT Regulations.
In the matter of M/s Omkar Overseas Ltd Page 3 of 6 10. ISSUES FOR CONSIDERATION/FINDINGS: 10.1. I have carefully perused the reply and submissions of the Noticee and the documents available on record. The issues that arise for consideration in the present case are:
In the matter of M/s Omkar Overseas Ltd Page 4 of 6 that the disclosure by OOL in this regard under Regulation 13(6) of PIT 1992 was delayed as it was disclosed to BSE by Noticee on January 15, 2013. Hence I conclude that there was a delay in informing the stock exchange, thereby OOL has violated the timeline prescribed under Regulation 13(6) of PIT Regulation.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD-9/SM/83/2018-19. 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.