sebi:IVD-ID3/UTL/AO/DRK/AKS/EAD-3/140-09/43-10
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Facts / Headnote
Penalty of Rs. 72,14,000 imposed on the noticee under Section 15H(ii) of the SEBI Act, 1992 for failure to make a public announcement upon acquiring 18.74% shares of UIL.
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 3
- Reg. 10
- Reg. 14
- Reg. 11
- Reg. 20
Parties
- Ushdev Trade Ltd. (formerly known as Ushdev Power Ltd.)
Holding
The noticee violated Regulation 10 read with Regulation 14(1) of the SAST Regulations, 1997 by acquiring 18.74% shares of UIL without making a public announcement, and consequently violated Section 15H(ii) of the SEBI Act, 1992. A penalty of Rs. 72,14,000 was imposed on the noticee.
Full text
Page 2 of 11 of the 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 15HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’). SHOW CAUSE NOTICE, HEARING AND REPLY
Page 3 of 11 5. Considering the facts and circumstances of the case, it was decided to conduct an inquiry in the matter. Accordingly an opportunity of personal hearing was granted to the noticee vide hearing notice dated February 18,
Page 4 of 11 • The noticee and Ushdev Commercial Services Pvt Ltd forms part of Ushdev Group and the transaction was done as a part of group restructuring exercise. CONSIDERATION OF EVIDENCE AND FINDINGS
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Source: SecMarx — sebi:IVD-ID3/UTL/AO/DRK/AKS/EAD-3/140-09/43-10. 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.