sebi:ISD/FDIL/AO/DRK-AKS/EAD-3/357/23-13
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Facts / Headnote
Penalty of Rs. 7,50,000 imposed on the noticee for disclosure violations
Provisions invoked
- s. 15A
- s. 15
- s. 12
- s. 15J
- s. 187
Regulations
- Reg. 7
- Reg. 13
- Reg. 11
- Reg. 10
- Reg. 7(2)
- Reg. 58
- Reg. 111
- Reg. 112
Parties
- Rotomac Global Pvt. Ltd.
Holding
Rotomac Global Pvt. Ltd. violated Regulation 7(1), 7(1A) read with 7(2) of the Takeover Regulations, 1997 and Regulation 13(1), 13(3) read with 13(5) of the PIT Regulations, 1992 for delayed/failed disclosures relating to acquisition and re-transfer of 40,00,000 shares of FDIL, and is liable to a penalty of Rs. 7,50,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Page 2 of 15 2. Based on the alert, information was collected from Bombay Stock Exchange Ltd. (hereinafter referred to as ‘BSE’), NSDL and CDSL and clarification was sought from the company and RGPL.
Page 3 of 15 5. In the said notice, it was stated / alleged that: The noticee has delayed in disclosing to both the company and to BSE about the details of acquisition of shares of FDIL from the Promoter / Non- Promoter related entities as required under Takeover Regulations. Further, it was also alleged that the noticee has made no disclosure of its acquisition of shares to the company as required under PIT Regulations. Morever, it was also alleged that the transferred shares of FDIL had been transferred back to the transferors by the noticee for which there was delay in intimating the same to BSE which led to the violation of Takeover Regulations. Also the noticee failed to make the disclosure for the same under PIT Regulations.
Page 4 of 15 26.09.2011 noticee was granted time till 05.10.2011 to submit a reply to the SCN and attend the hearing on 11.10.2011 at SEBI Bhavan, Mumbai.
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Source: SecMarx — sebi:ISD/FDIL/AO/DRK-AKS/EAD-3/357/23-13. 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.