sebi:IVD-ID4/SEPL/BEPL/AO/DRK/AS/EAD3/314-09/12-2012
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Facts / Headnote
Violation not established; no penalty imposed; proceedings disposed of
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 10
- Reg. 2
Parties
- Shipra Enclave Pvt. Ltd.
Holding
Violation of Regulation 10 of the SEBI Takeover Regulations is not established against Shipra Enclave Pvt. Ltd. and therefore no penalty is warranted and the adjudication proceedings are disposed of.
Full text
Page 2 of 11 SHOW CAUSE NOTICE, HEARING AND REPLY 3. A Show Cause Notice dated October 23, 2009 was issued to the noticee in terms of the provisions of Rule 4 of the Rules, requiring it to show cause as to why an inquiry should not be held against it and why penalty, if any, should not be imposed on it under Section 15H of the SEBI Act, 1992 for violation of provisions of Regulation 10 of SEBI Takeover Regulations.
Page 3 of 11 no reply to submit and the matter shall be proceeded on the basis of material available on record. The noticee vide its letter dated 16/11/2009 sought extension of time by three weeks for filing reply and vide letter dated 27/11/2009, the noticee was granted time till 07/12/2009 to submit its reply. Thereafter the noticee vide letter dated 04/12/2009 submitted its reply to the SCN and made the following submissions-
Page 4 of 11 is submitted that we had purchased the shares of BEPL based on loans obtained from third parties not belonging to the MKJ Group.
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Source: SecMarx — sebi:IVD-ID4/SEPL/BEPL/AO/DRK/AS/EAD3/314-09/12-2012. 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.