sebi:ID/SIL/AO/DRK/MD/EAD-3/95/2009
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Facts / Headnote
No penalty imposed - noticee found to have complied with disclosure requirements
Provisions invoked
- s. 15A
- s. 15
Regulations
- Reg. 13
Parties
- Shri Jitendranath Alluri
Holding
The noticee, Shri Jitendranath Alluri, had complied with Regulations 13(3) read with 13(5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 and hence no penalty under Section 15A(b) was imposed on him.
Full text
Page 2 of 5 3. As noted from the IR that during the period (December 31, 2004 to March 31, 2005) Shri Jitendranath Alluri (hereinafter referred to as “noticee”) one of the promoters reduced his shareholding by 4,00,000 shares from 4,48,640 shares (14.02%) as on December 31, 2004 to 48,640 shares (1.52%) as on March 31, 2005. The aforesaid sale of 4,00,000 shares representing 12.5% of the equity share capital of the company in the month of February 2005 was more than 2% of the equity share capital of the company as on December 31, 2004, therefore noticee was required to make necessary disclosures to the company as required under Regulation 13 (3) read with 13 (5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992.
Page 3 of 5 to conduct an inquiry in the matter and an opportunity of personal hearing was granted to him on December 16, 2009 vide hearing notice dated November 18, 2009. In the aforesaid hearing notice, noticee was again given an opportunity to submit reply to the SCN latest by November 30,
Page 4 of 5 48,640 shares. Thus the noticee sold 4,00,000 shares ( 2 lakh shares each of 16th and 25th February, 2005) representing 12.5% of the equity capital of the company in the month of February 2005 which is more than 2%of the equity capital of the company as on December 31, 2004, whereby, the noticee was required to make necessary disclosures to the company as required under Regulation 13 (3) read with 13 (5) of the SEBI (Prohibition of Insider Trading) Regulations, 1992.
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Source: SecMarx — sebi:ID/SIL/AO/DRK/MD/EAD-3/95/2009. 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.