sebi:HB/AO-02/2012
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Facts / Headnote
Monetary penalty of Rs.1,50,000 imposed jointly and severally for disclosure violations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7
- Reg. 7(1)
- Reg. 13
- Reg. 199
- Reg. 10
- Reg. 13(1)
- Reg. 13(3)
- Reg. 2(1)(b)
- Reg. 15A(b)
- Reg. 13(5)
- Reg. 7(2)
- Reg. 15A
Parties
- Shri Shantibhai Shah
- Smt. Bhartiben Shah
- Smt. Amita H Shah
Holding
The Noticees acting in concert violated Regulations 7(1) and 7(2) of SAST Regulations, 1997 and Shri Shantibhai Shah violated Regulations 13(1), 13(3) and 13(5) of PIT Regulations, attracting monetary penalty under Section 15A(b) of SEBI Act.
Full text
Page 2 of 11 and to consider the increase in authorized capital and issue of right/preferential shares. 22606 shares for remaining investigation period. 2 11.03.2005 at 04:31PM The Board meeting which was scheduled to be held on March 08, 2005 has been postponed as the directors of the company have gone out of station. The price came down from closing price Rs.113.96 on March 11, 2005 to Rs.110.75 on next trading day. There was negligible effect on the volume.
Page 3 of 11 however no disclosure was made by you. From the records available, it is observed that through several transactions your shareholding was reduced to below 5%, requiring disclosure under Regulation 13(3) and 13(5) PIT Regulations; however no disclosure was made by you for the same. In view of the above, it is alleged that you have violated Regulation 13(1), 13(3) and 13(5) of PIT regulations thereby attracting
Page 4 of 11 e. I, therefore, respectfully submit that under the circumstances aforesaid it is just and equitable that your goodselves will be please to compound the offence under the subject matter with minimum penalty. f. This application is bonafide and in the interest of justice. g. I, therefore humbly pray that - (i) Considering the circumstances of the matter and in particular that no prejudice will be caused to anyone including shareholders or any other person concerned with the company the offences may be compounded with minimum penalty and I be relieved of all the liabilities in consequence thereof; (ii) A very lenient view to be taken in the matter considering the above facts. (iii) That such other further reliefs may be granted and directions may be given as you may deem fit and proper.
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Source: SecMarx — sebi:HB/AO-02/2012. 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.