sebi:ISD/TIIL/AHRTL/AO/DRK/AKS/EAD-3/322/20-12
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
Parties
- Telesys Info-Infra (I) Ltd. (formerly known as Telesys Software Ltd.)
Holding
The Adjudicating Officer held that Telesys Info-Infra (I) Ltd. failed to make disclosures under Regulation 13(3) read with Regulation 13(5) of the PIT Regulations for its sale of 11.83% shareholding of AHRTL and imposed a penalty of Rs 1,50,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 APPOINTMENT OF ADJUDICATING OFFICER 2. I was appointed as the Adjudicating Officer vide communiqué dated 19.04.2012 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 SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act, the violation of Regulation 13 (3) of the SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as ‘PIT Regulations’) alleged to have been committed by the noticee.
Page 3 of 8 5. Vide personal hearing notice dated 23.08.2012, the noticee was granted an opportunity of hearing on 14.09.2012 at SEBI SRO, Chennai and was granted time till 07.09.2012 to submit a detailed reply to the SCN. The said hearing notice was served through “Registered Post Acknowledgement Due” and proof of service is on record. Noticee authorised Shri S A Inbavadivu, Legal Advisor (herein after referred to as ‘AR’) to appear on its behalf. The hearing scheduled on 14.09.2012 was postponed to 01.10.2012 at SEBI SRO, Chennai.
Page 4 of 8 • The company has not declared any dividend, rights issues and announced any other benefits to its shareholders for the past several years and the company is only wiping of its existing Losses. The sales and profit of the company has also come down.
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Source: SecMarx — sebi:ISD/TIIL/AHRTL/AO/DRK/AKS/EAD-3/322/20-12. 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.