sebi:ISD/MSPL/AO/SBM/EAD-3/CO-01/2016
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Settlement of adjudication proceedings; SCN dated June 26, 2015 disposed of on payment of Rs 8,33,000/-
Provisions invoked
- s. 15A
Regulations
- Reg. 17
- Reg. 13(3)
- Reg. 15
- Reg. 29(2)
Parties
- M/s Mahima Stocks Private Limited
Holding
The adjudication proceedings initiated against the Noticee vide SCN dated June 26, 2015 are disposed of pursuant to settlement on payment of Rs 8,33,000/-, in terms of Regulation 15(1) of the Settlement Regulations.
Full text
Page 2 of 3 Speciality Sugars Limited (hereinafter referred to as ‘DSSL’ or Company) on various dates starting from October 11, 2012 to December 11, 2012 and as a result, the shareholding of the Noticee in DSSL decreased from 6.98% to Nil. It was further alleged that as on October 18, 2012 Noticee had sold 1,50,000 shares of DSSL, which exceeded the threshold limit for disclosures to be made by the Noticee to the Company i.e DSSL in terms of Regulation 13(3) read with 13 (5) of PIT Regulations. It was alleged that Noticee had failed to make such disclosures to DSSL. Further, the Noticee was under an obligation to make necessary disclosures to the Stock Exchanges and to the Company (DSSL) in the prescribed format in terms of Regulation 29(2) read with 29(3) of the Takeover Regulations within two working days of the disposal of the shares exceeding 2 % of the total shareholding or voting rights in the Company. It was alleged that Noticee had failed to make such disclosure to the Company and 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
Page 3 of 3 circumstances of the case, the HPAC recommended that the case may be settled by the Noticee on payment of Rs 8,33,000/- , which were approved by the panel of Whole Time Members of SEBI on July 05, 2016.
penalty under Section 15A (b) of the SEBI Act. 4. Pending adjudication proceedings, the Noticee submitted an application vide no. 3042/2016 dated August 25, 2015 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’).
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:ISD/MSPL/AO/SBM/EAD-3/CO-01/2016. 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.