sebi:ISD/RPIL/AO/DRK-DS/EAD3-377/43-2013
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Facts / Headnote
Proceedings dropped - violations not established, no penalty imposed
Provisions invoked
- s. 23A
Regulations
- Reg. 13(3)
- Reg. 13(6)
- Reg. 12(2)
Parties
- Raj Packaging Industries Ltd.
Holding
The alleged violations of Regulation 13(6) of the PIT Regulations, Clause 5.1 of Code of Corporate Disclosure Practices read with Regulation 12(2) of the PIT Regulations and Clause 35 of the Listing Agreement read with Section 23A(a) of the SC(R)A by the noticee could not be established and no penalty was imposed.
Full text
Page 2 of 8 with Rule 3 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 (hereinafter referred to as 'SC(R)Rules') to inquire into and adjudge under Sections 15A(b) and 15HB of the SEBI Act and Section 23A of the SC(R)A, the following violations alleged to have been committed by the noticee: a. Regulation 13(6) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as 'PIT Regulations'); b. Clause 5.1 of Code of Corporate Disclosure Practices for Prevention of Insider Trading read with Regulation 12(2) of the PIT Regulations; c. Clause 35 of the Listing Agreement read with Section 23A(a) of the SC(R)A.
Page 3 of 8 5. The SCN stated that the reply shall reach within 15 days from date of receipt of the notice, failing which it shall be presumed that the noticee has no reply to submit and the matter shall be proceeded on the basis of material available on record. The said SCN was served on the noticee and the proof of service is available on record.
Page 4 of 8 g) It is submitted that non disclosure was never the intention nor that we have made any undue advantage or gain out of non-disclosure or caused any loss or damage to the interest of the investors.
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Source: SecMarx — sebi:ISD/RPIL/AO/DRK-DS/EAD3-377/43-2013. 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.