sebi:IVD-2/AEL/AO/DRK/SS/EAD3-32/2009
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on the noticee for violation of Regulation 7 of the Takeover Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 370
- s. 15J
Regulations
- Reg. 7
- Reg. 2(e)
- Reg. 3(1)(f)(i)
Parties
- Triumph International Finance India Ltd.
Holding
The Adjudicating Officer held that Triumph International Finance India Ltd. violated Regulation 7 of the Takeover Regulations by failing to disclose within 4 working days its acquisition (along with other Ketan Parekh entities acting in concert) of shares in Adani Exports Ltd. exceeding 5% of the paid-up share capital, and imposed a penalty of Rs. 5,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 13 furnish the details of holdings in the scrip by Ketan Parekh entities on a fortnightly basis for the period October 1999 to March 2001. The details are as given hereinafter: TIFL TSL TOTAL NAME / DATE CCL CSSB NH PFMSL PIPL PIT SIML
Page 3 of 13 3. Investigations also brought out that Triumph International Finance India Ltd. (hereinafter referred to as the ‘noticee / Company’) and Triumph Securities Ltd. (hereinafter referred to as ‘TSL’) were holding shares in different Depositary accounts. The noticee was holding shares in 4 different accounts having Client IDs: 10052490, 10195838, 10441818 and
Page 4 of 13 4. It is seen from the above that on certain dates (6 instances) the total number of shares held by Ketan Parekh entities acting in concert exceeded 5% of the total paid up equity capital of AEL. The tabulated statement in this regard is as under:
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:IVD-2/AEL/AO/DRK/SS/EAD3-32/2009. 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.