sebi:EAD-9/VKV/GSS/2020-21/10646-10647
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee No.1 and Noticee No.2 held liable for delayed disclosure and compliance-officer violations; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 21
- s. 15I
- s. 15J
- s. 15F
- s. 28A
- s. 23
- s. 23E
Regulations
- Reg. 65
- Reg. 199
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(6)
- Reg. 13(5)
- Reg. 12
- Reg. 201
- Reg. 12(2)
Parties
- Speciality Paper Ltd.
- Nemchand J Gala
Holding
Speciality Paper Ltd. violated Regulation 13(6) of the PIT Regulations and Clause 47(a) of the Listing Agreement, and Nemchand J Gala violated Clause 3.2 read with Regulation 12(2), resulting in penalties of Rs. 3,00,000 and Rs. 2,00,000 respectively.
Full text
Adjudication Order in the matter of Speciality Paper Ltd. Page 2 of 14 officer of requisite qualification. b. Nemchand J Gala, Noticee no.2, who was also a compliance officer of Speciality Paper Ltd. had failed to make necessary disclosures to the stock exchange which were received by the company under SEBI (PIT) Regulations, 1992 from its Shareholders namely IRIS Media Works Limited and Akansha Media and Entertainment Private Ltd. Hence, he has violated Clause 3.2 of Code of Corporate Disclosure Practices for prevention of Insider trading provided in Schedule II read with Regulation 12 (2) of SEBI (PIT) Regulations 1992.
Adjudication Order in the matter of Speciality Paper Ltd. Page 3 of 14 Edition of Times of India (English),Navbharat (Hindi) and Pudhari (Marathi) on January 28, 2021, wherein the Noticees were granted opportunity of personal hearing on February 15, 2021 at 02:30 PM. The SCN was also uploaded at SEBI website under the head of “Enforcement - Unserved Summons/Notices”.
Adjudication Order in the matter of Speciality Paper Ltd. Page 4 of 14 IV. If so, what quantum of monetary penalty should be imposed on the Noticee considering the factors stated in section 15J of SEBI Act, 1992?
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/VKV/GSS/2020-21/10646-10647. 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.