sebi:ISD/SL/AO/DRK-DS/EAD3-517-527/61-71-2014

SEBI · SEBI · 2013-12-16 · D. Ravi Kumar, Chief General Manager & Adjudicating Officer

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Facts / Headnote

Penalty imposed on noticees

Provisions invoked

Regulations

Parties

Holding

The noticees, acting as the Manusi Group, failed to disclose their collective acquisition of 10,72,040 shares (5.6%) of Suraj Ltd. within two working days as required under Regulation 29(1) read with Regulation 29(3) of the Takeover Regulations, and a consolidated penalty of Rs. 15,00,000 was imposed on all noticees under Section 15A(b) of the SEBI Act.

Full text

Page 2 of 7 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as Adjudicating Officer under section 15 I of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as 'SEBI Act') read with Rule 3 of the Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‗Rules‘), under Section 15A(b) of the SEBI Act, the violation of Regulation 29(1) read with Regulation 29(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as "Takeover Regulations") alleged to have been committed by Trishla Comtrade Pvt. Ltd., Tarang Impex Pvt. Ltd., Tanu Trades Pvt. Ltd., Tunis Retail Pvt. Ltd., Rose Retails Pvt. Ltd., Real Enterprise Pvt. Ltd., Rangoli Commodities Pvt. Ltd., Ratin Trexim Private Ltd., Manusi Securities Pvt. Ltd., Frontline Biosystems Ltd. and Rushil Exim Pvt. Ltd. (hereinafter collectively referred to as “Manusi Group/ Noticees”). The said appointment was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated December 16, 2013.

Page 3 of 7 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 noticees have no reply to submit and the matter shall be proceeded on the basis of material available on record. The said SCN was sent through Registered Post Acknowledgement Due (RPAD) and was served on the noticees.

Page 4 of 7 10. Acceding to the request of the noticees, vide hearing notice dated March 18, 2014, the noticees were granted final opportunity of being heard on April 09, 2014 at SEBI Bhavan, Mumbai. Vide the said hearing notice, the noticees were also advised to attend the said hearing, failing which the matter shall be proceeded based on the material available on record.

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Source: SecMarx — sebi:ISD/SL/AO/DRK-DS/EAD3-517-527/61-71-2014. 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.