sebi:ISD/GHCL/AO/DRK-CS/EAD-3/379/45-13
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Facts / Headnote
Violations established; consolidated penalty of INR 1,25,00,000 imposed on GHCL Ltd.
Provisions invoked
- s. 15H
- s. 12
- s. 15J
- s. 23E
Regulations
- Reg. 2(c)
- Reg. 199
- Reg. 4(2)(f)
- Reg. 2
- Reg. 58
- Reg. 3(d)
- Reg. 18
Parties
- GHCL Ltd.
Holding
GHCL Ltd. violated Clause 35 of the Listing Agreement and Regulations 3(d) and 4(2)(f) of the PFUTP Regulations by disclosing only 15,60,000/16,05,000 shares as encumbered instead of 86,70,800 shares restrained by the Arbitration Order dated July 23, 2009, and a consolidated penalty of Rs. 1,25,00,000 was imposed under Section 23E of SCRA and Section 15HA of SEBI Act.
Full text
Page 2 of 13 as to why an inquiry should not be held and why penalty, if any, should not be imposed on the Noticee under Section 23E of SCRA and Section 15HA of the SEBI Act. In the said SCN, it was stated as follows:
Page 3 of 13 No. of shares As a % of the total no. of shares held by the promot ers As a % of total no of shares of the company No. of shares As a % of the total no. of shares held by the promote rs As a % of total no of shares of the company No. of shares As a % of the total no. of shares held by the promot ers As a % of total no of shares of the company Encumber ed shares by the promoters 1560000 8.59 1.56 1605000 8.79 1.60 1605000 8.79 1.60 Total no. of shares held by promoters 18159869
Page 4 of 13 iv. In view of the above it was alleged that the Noticee had failed to provide the correct details with respect to the shares encumbered and thus failed to comply with Clause 35 of the Listing Agreement.
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Source: SecMarx — sebi:ISD/GHCL/AO/DRK-CS/EAD-3/379/45-13. 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.