sebi:IVD-ID4/SEPL/BEPL/AO/DRK/AS/EAD3/315-09/13-2012
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Facts / Headnote
Violation not established; no penalty imposed; adjudication proceeding disposed of
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 10
- Reg. 2
Parties
- Sweta Trading Investment Pvt. Ltd.
Holding
Violation of Regulation 10 of SEBI Takeover Regulations is not established against Sweta Trading Investment Pvt. Ltd. and therefore no penalty is warranted and the adjudication proceeding is 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 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 23/11/2009, 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 e) With regard to the observations on para 5 of the Notice, it is denied that we are PACs acting in concert with MKJ Group. It is submitted that, we had independently acquired shares of BEPL amounting to 2,85,565 shares i.e. comprising of 1.72% of the total shareholding of the company, which is way below the threshold limit as prescribed under regulation 10 of the Takeover Regulations. It is submitted that erroneous conclusions have been drawn in the Notice based on clubbing our shareholding with other entities.
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Source: SecMarx — sebi:IVD-ID4/SEPL/BEPL/AO/DRK/AS/EAD3/315-09/13-2012. 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.