sebi:IVD-ID-8/GCL/AO/DRK/MD/EAD-3/287/53/2011
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 15
- s. 15H
- s. 15J
- s. 187
Regulations
- Reg. 4
- Reg. 199
- Reg. 2(1)
- Reg. 10
Parties
- Shri Rakesh Ramniklal Sheth
Holding
The noticee acquired additional 17.74% shares of Genus Commutrade Ltd on 14.09.2002, increasing holding from 2.96% to 20.72%, without making a public announcement required under Regulation 10 of SAST Regulations. Penalty of Rs 25,00,000 under Section 15H of SEBI Act, 1992 was imposed for the violation.
Full text
Page 2 of 20 around the time of the issuance of such advertisements. It was also seen that majority of these advertisements were issued by one advertisement agency viz., Garima Communications, Ahmadabad.
Page 3 of 20 APPOINTMENT OF ADJUDICATING OFFICER 4. I was appointed as the Adjudicating Officer vide order dated December 10, 2008, (subsequent to the transfer of the previous Adjudicating Officer, Shri Biju S.), under section 15 I of the SEBI Act read with Rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995, to inquire into and adjudge under Section 15H of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for failure to make a public announcement in terms of Regulation 10 of SAST Regulations. SHOW CAUSE NOTICE, HEARING AND REPLY
Page 4 of 20 granting a personal hearing to the noticee on March 29, 2007. The aforesaid personal hearing notice was served on the noticee.
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Source: SecMarx — sebi:IVD-ID-8/GCL/AO/DRK/MD/EAD-3/287/53/2011. 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.