sebi:IVD/KIL/AO/DRK/AS/EAD-3/216/2009-120/2010
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Facts / Headnote
Adjudication proceedings disposed of; no penalty imposed as violation not established
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 3
Parties
- Kosian Industries Ltd.
Holding
The violation of Regulations 3(a) and 4(2)(r) of the PFUTP Regulations, 2003 was not established against Kosian Industries Ltd., and no penalty is warranted under Section 15HA of the SEBI Act, 1992.
Full text
Page 2 of 13 Yearly: (In ` Lakhs) SI No Particular April 01, 2003 to March 31, 2004. April 01, 2004 to March 31, 2005. April 01, 2005 to March 31,
Page 3 of 13 6. It was noted from the Investigation Report that during the investigation period the price of the scrip increased from ` 26.95 on March 01, 2005 and reached a high of ` 42.85 on September 14, 2005 and finally closed at ` 25.95 on March 31, 2006. It was noted from the findings of the Investigation Report that on March 04, 2005 the noticee had informed Bombay Stock Exchange Limited (hereinafter referred to as ‘BSE’) that the meeting of the Board of Directors of the Company is scheduled to be held on March 11, 2005, wherein they will consider various ways and means for expansion of the company, various plans for the acquisition and any other related matter for the growth of the company, issue of rights / preferential allotment and or any other instruments of the company and increase the authorized share capital of the company. As a result of these announcements, the price of the scrip started moving upward.
Page 4 of 13 announcements were made by the noticee to BSE with respect to the proposed acquisition of ISPL. In this regard it is noted from the Investigation Report that though the announcement with regard to the finalization of takeover deal of ISPL was made by the noticee on March 15, 2005 but the covering letter of the valuation report of ISPL bears the date of August 13, 2005. It was alleged that the announcements made by the noticee on March 15, 2005 regarding acquisition of ISPL was premature.
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Source: SecMarx — sebi:IVD/KIL/AO/DRK/AS/EAD-3/216/2009-120/2010. 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.