sebi:ISD/VIL/AO/DRK-CS/EAD-3/488-492/32-36-14
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Facts / Headnote
Violation established; penalty of Rs. 10,00,000 imposed jointly and severally
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(5)
- Reg. 29(2)
- Reg. 31(2)
Parties
- Vas Educomp
- Yashraj
- Vasparr
- Pushpanjali
- Precision Containeurs Ltd.
Holding
The Noticees, promoters of Vas Infrastructure Ltd., violated Regulations 29(2) read with 29(3) and 31(2) read with 31(3) of the SAST Regulations and Regulation 13(4A) read with 13(5) of the PIT Regulations by delayed disclosure of invocation-related shareholding changes, and a penalty of Rs. 10,00,000 jointly and severally was imposed under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 9 referred to as "Pushpanjali"/"Noticee 4"), and Precision Containeurs Ltd. (hereinafter referred to as "Precision"/Noticee 5"), (hereinafter collectively referred to as "Noticees"). VIL is listed on Bombay Stock Exchange Ltd. (hereinafter referred to as "BSE"). APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 9 Name of the entities Details of shareholding (change in shareholding) Violation of regulations Vas Educomp From 6.60% of the share capital as on the quarter ending December 2011 to 0.53% as on the quarter ending March 2012 (change of 6.07%) Regulations 29(2) read with 29(3), 31(2) read with 31(3) of SAST Regulations, regulation 13(4A) read with 13(5) of the PIT Regulations. Yashraj From 8.57% of the share capital as on the quarter ending December 2011 to 1.43% as on the quarter ending March 2012 (change of 7.14%) Regulations 29(2) read with 29(3), 31(2) read with 31(3) of SAST Regulations, regulation 13(4A) read with 13(5) of the PIT Regulations. Vasparr From 4.80% of the share capital as on the quarter ending December 2011 to 0% on the quarter ending March 2012 (change of 4.80%) Regulations 29(2) read with 29(3), 31(2) read with 31(3) of SAST Regulations, regulation 13(4A) read with 13(5) of the PIT Regulations. Pushpanjali From 9.94% of the share capital as on the quarter ending December 2011 to 6.42% as on the quarter ending March 2012 (change of 3.52%) Regulations 29(2) read with 29(3), 31(2) read with 31(3) of SAST Regulations, regulation 13(4A) read with 13(5) of the PIT Regulations. Precision From 10.80% of the share capital as on the quarter ending December 2011 to 5.36 % as on the quarter ending March 2012 (change of 5.44%) Regulations 29(2) read with 29(3), 31(2) read with 31(3) of SAST Regulations, regulation 13(4A) read with 13(5) of the PIT Regulation
Page 4 of 9 b. On February 23, 2012, SICOM without any intimation to the Noticees, undertook the Invocation. The shareholding pattern of VIL for the quarter ended March 31, 2012 disclosed (in the section of persons belonging to the category Public and holding more than 1% of the total number of shares) the fact that SICOM (that did not hold any shares in VIL prior to the said quarter) held 23.59% shareholding in VIL.
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Source: SecMarx — sebi:ISD/VIL/AO/DRK-CS/EAD-3/488-492/32-36-14. 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.