sebi:IVD-ID4/SHPPL/BEPL/AO/DRK/AS/EAD3/311-09/09-2012
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Facts / Headnote
Violation not established; no penalty imposed; adjudication proceedings disposed of
Provisions invoked
- s. 15
- s. 15H
Regulations
- Reg. 10
Parties
- Sarvesh Housing Projects Pvt. Ltd.
Holding
Violation of Regulation 10 of SEBI Takeover Regulations is not established against Sarvesh Housing Projects Pvt. Ltd., therefore no penalty under Section 15H of SEBI Act, 1992 is warranted and the adjudication proceedings are disposed of.
Full text
Page 2 of 12 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 12 8. The SCN stated that the reply shall reach within 15 days from date of receipt of the SCN, failing which it shall be presumed that the noticee has no reply to submit and the matter shall be proceeded on the basis of material available on record. The noticee vide its letter dated 19/11/2009 sought extension of time by four weeks for filing reply and vide letter dated 10/12/2009, the noticee was granted time till 21/12/2009 to submit its reply. Thereafter the noticee vide letter dated 14/12/2009 requested for certain documents. Vide letter dated 18/02/2010, the noticee was provided with copy of Appointment Order of the Adjudicating Officer, Account opening form of Sweta and Shipra, minutes of Board meeting of Sweta and Shipra and request for other documents was forwarded to the Investigation Department. Meanwhile, the noticee vide letter dated 22/09/2010 submitted its part reply to the SCN and made the following
Page 4 of 12 Regulations and not 17.73% as alleged. There is no basis for clubbing the shareholding of Shipra/ Sweta with our shareholding , it is reiterated that we were not acting in concert with Shipra/ Sweta.
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Source: SecMarx — sebi:IVD-ID4/SHPPL/BEPL/AO/DRK/AS/EAD3/311-09/09-2012. 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.