sebi:EAD-9/SM/99-102/2018-19
Facts / Headnote
Violations held established; penalty of Rs 5,00,000 under Section 23A(a) of SCRA on Omkar Overseas Ltd and penalty of Rs 5,00,000 jointly and severally under Section 15HB of SEBI Act on Omkar Overseas Ltd, Champalal, Shankarlal and Subhashchandra imposed.
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 12
- s. 23A
- s. 21
- s. 4A
- s. 23
Regulations relied on
- Equity Listing Agreement — 41(i)(c)
- Equity Listing Agreement — 41(iii)(a)
Parties
- Omkar Overseas Ltd
- Champalal Gopiram Agarwal
- Shankarlal Gopiram Agarwal
- Subhashchandra Omkarmal Agarwal
Holding
Omkar Overseas Ltd violated Clause 41(I)(c)-(d) and 41(III)(a)-(b) read with Section 21 of SCRA, and OOL with its directors/compliance officer violated Clause 2.1 of Schedule II and Clauses 1.2 and 3.2 of Part A of Schedule I read with Regulation 12(1) and 12(2) of PIT Regulations, attracting penalties under Section 23A(a) of SCRA and Section 15HB of SEBI Act.
Full text
In the matter of M/s Omkar Overseas Ltd Page 2 of 11 with Regulation 12(1) and 12(2) of PIT Regulations and Clause 1.2 of PART A of Schedule I under Regulation 12(1) and 12(2) of PIT Regulations respectively.
In the matter of M/s Omkar Overseas Ltd Page 3 of 11 Representative (hereinafter referred to as “AR”) appeared before me seeking an adjournment of Personal Hearing.
In the matter of M/s Omkar Overseas Ltd Page 4 of 11 11.5. It is true that the quarterly financial results of OOL for the quarter ended September 2009 were approved in the Board Meeting held on October 30, 2009 and for the quarter ended December 2009 approved in Board Meeting held on January 30, 2010 but it not correct to say that the said results were provided to the concerned stock exchange on November 19, 2009 and July 30, 2010 respectively. The relevant Noticees forwarded the results to the concerned stock exchange (on October 31, 2009 and January 30, 2010) i.e. well within the time limit as prescribed in the listing agreement. It is further submitted that Noticees have not been provided the communication between the concerned stock exchange and SEBI and the proof that the concerned stock exchange had received the communication in this regard from the Noticees only on November 23, 2009 and July 30, 2010. It is further submitted that concerned stock exchange had received the said results but have forgotten to upload the same on its website on the day of receipt of the same and to hide its failure the concerned stock exchange would have stated these baseless averments. It is further submitted that the Noticees are not in receipt of any proof that the concerned stock exchange had provided to SEBI about the receipt of results from us on the dates alleged by the concerned stock exchange. Therefore, the burden to prove that the concerned stock exchange actually received the res
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Source: SecMarx — sebi:EAD-9/SM/99-102/2018-19. 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.