sebi:ISD/AIL/GMCCL/AO/DRK-CS/EAD-3/403/69-13
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Facts / Headnote
Penalty imposed on Noticee for non-compliance with PIT and SAST Regulations disclosure requirements
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
- Reg. 7(2)
Parties
- Gujarat Metallic Coal & Coke Ltd. (Formerly known as Arvind Chemicals Ltd.)
Holding
The Noticee violated regulations 13(1) and 13(3) read with 13(5) of PIT Regulations and regulations 7(1) read with 7(2) of SAST Regulations by failing to disclose changes in shareholding of AIL within the prescribed time. A penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 Exchange Board of India Act, 1992 (hereinafter referred to as the "SEBI Act") read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as the "Rules"), to inquire into and adjudge under Section 15A(b) of SEBI Act, for the violation of the provisions of regulations 13(1) and 13(3) read with regulation 13(5) of PIT Regulations and of regulation 7(1) read with regulation 7(2) of SAST Regulations, alleged to have been committed by the Noticee.
Page 3 of 9 5.36% to 0.01% i.e. below 5%. However, Noticee had not made disclosures to AIL of such change as required under regulation 13(3) read with regulation 13 (5) of the PIT Regulations.
Page 4 of 9 pursuant to such transfer of shares by ACL under Regulation 7(1) read with Regulation 7(2) of SEBI(SAST) Regulations and Regulation 13(3) of SEBI (PIT) regulations.
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Source: SecMarx — sebi:ISD/AIL/GMCCL/AO/DRK-CS/EAD-3/403/69-13. 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.