sebi:EAD-9/VKV/GSS/2020-21/8689
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Facts / Headnote
Ex-parte penalty imposed for violation of SAST disclosure requirements
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 29(1)
- Reg. 29(3)
- Reg. 201
Parties
- Raj kumar
Holding
The Noticee violated regulation 29(1) r/w regulation 29(3) of SAST Regulations, 2011 by failing to disclose acquisition crossing 5% and a monetary penalty of Rs. 2,00,000 under Section 15A(b) of the SEBI Act, 1992 was imposed ex-parte.
Full text
Adjudication Order in the matter of Maximaa Systems Private Ltd. Page 2 of 7 4. Subsequently, Hearing Notice (HN) dated July 02, 2020, was issued with digitally signed email to the Noticee on July 02, 2020, wherein Noticee was advised to attend the virtual hearing through Webex on July 22, 2020 at 02:30 p.m, in view of the ongoing COVID-19 situation. However, the same was not attended by the Noticee.
Adjudication Order in the matter of Maximaa Systems Private Ltd. Page 3 of 7 FINDINGS 8. Before Proceeding further, the provisions as applicable, are reproduced as under: SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 “29(1) Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified. (2) … (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition [or the disposal] of shares or voting rights in the target company to, — (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office.”
Adjudication Order in the matter of Maximaa Systems Private Ltd. Page 4 of 7 Company vide its emails dated December 03, 2019 and December 05, 2019, submitted that the Noticee had acquired 5,00,000 shares between the period from 21st to 27th January 2017.
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Source: SecMarx — sebi:EAD-9/VKV/GSS/2020-21/8689. 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.