sebi:ISD/ICSA/AO/DRK-CS/EAD-3/493/37-14
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Facts / Headnote
Penalty imposed on the Noticee for delayed compliance of SAST Regulations and non-compliance of PIT Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 13(5)
- Reg. 31(2)
Parties
- Shri Gopu Bala Reddy
Holding
The Noticee was held liable for delayed compliance of regulation 31(2) read with 31(3) of the SAST Regulations and non-compliance of regulation 13(4) and 13(4A) read with regulation 13(5) of the PIT Regulations, and a penalty of Rs. 3,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 7 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 3. A Show Cause Notice dated September 16, 2013 (hereinafter referred to as "SCN") was sent to the Noticee by “SPAD” in terms of the provisions of Rule 4 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 requiring to show cause as to why an inquiry should not be held against the Noticee and why penalty, if any, should not be imposed on the Noticee under Section 15A(b) of the SEBI Act. In the said SCN, it was alleged that:
Page 3 of 7 Noticee vide his letter dated January 29, 2013 enclosed the copy of disclosure in terms of regulation 31(2) of SAST Regulations.
Page 4 of 7 (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the creation or invocation or release of encumbrance, as the case may be to,— (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office.
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Source: SecMarx — sebi:ISD/ICSA/AO/DRK-CS/EAD-3/493/37-14. 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.