sebi:ISD/DTPL/AO/SBM/EAD-3/CO-03/2016
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Facts / Headnote
Settlement order disposing of the adjudication proceedings initiated against the Noticee vide SCN dated June 26, 2015.
Provisions invoked
- s. 15A
Regulations
- Reg. 17
- Reg. 15
- Reg. 29(1)
Parties
- M/s Dwarkadhish Trading Private Limited
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated June 26, 2015 are disposed of pursuant to settlement under Regulation 15(1) of the Settlement Regulations, on payment of Rs. 2,00,000/-.
Full text
Page 2 of 3 ‘CFLL’) who bought 3,32,000 shares of the company on various dates starting from October 11, 2012 to December 11, 2012. It was alleged that both the entities i.e the Noticee and CFLL were acting in concert with each other and collectively bought 5,00,000 shares of the company during the period October 2012 to December 2012 as a result of which their collective shareholding in the company increased from Nil to 6.98%. Since the collective shareholding of the Noticee along with CFLL had exceeded 5% of the total shareholding or voting rights in the Company, the Noticee along with CFLL were required to make the necessary disclosures to the Stock Exchanges and to the Company (DSSL) in the prescribed format in terms of Regulation 29(1) read with 29(3) of the Takeover Regulations within two working days of the acquisition of the shares of the Company. It was alleged that Noticee had failed to make such disclosure to the Company and to the Stock Exchanges. The alleged failure on the part of the Noticee to comply with the aforementioned provisions of law made the Noticee liable for monetary penalty under Section 15A (b) of the SEBI Act.
Page 3 of 3 payment of Rs 2,00,000/-, which were approved by the panel of Whole Time Members of SEBI on September 02, 2016.
4. Pending adjudication proceedings, the Noticee submitted an application vide no. 3081/2016 dated March 08, 2016 and an undertaking in the format prescribed by SEBI for settlement of the matter in terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014 ( hereinafter referred to as ‘Settlement Regulations’).
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Source: SecMarx — sebi:ISD/DTPL/AO/SBM/EAD-3/CO-03/2016. 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.