sebi:IVD-ID7/DEL/AO/DRK/SS/EAD3-90/2009
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Facts / Headnote
Penalty imposed on the noticee for failure to disclose shareholding changes
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13(4)
- Reg. 14
Parties
- Shri Aushim Khetrapal
Holding
The noticee, Shri Aushim Khetrapal, Managing Director of DEL, was held to have violated Regulation 13(4) of the Insider Trading Regulations and Regulation 7(1) of the SAST Regulations by failing to disclose his shareholding changes to the company and stock exchanges, and a penalty of Rs. 8,50,000 was imposed.
Full text
Page 2 of 11 2002 to October 28, 2002 and 6-7days prior to the complaint. There were no corporate news/announcements relating to the Company during the investigation period.
Page 3 of 11 6. The total shareholding of the noticee as on October 25, 2002 was 9,35,534 shares amounted to 12.08% of the paid up capital of the Company. This was on account of the trading / purchase of 3,13,534 shares during the period October 14 - 25, 2002 taken together with the earlier shareholding of 6,22,000 shares. The noticee had acquired substantial quantity of shares during the investigation period and was required in this regard to make suitable disclosures to DEL and to the stock exchanges where the shares of DEL were listed. However, as per the investigation report, BSE had clearly mentioned in its report that from the records available with the stock-exchange, DEL had not filed any declaration.
Page 4 of 11 SHOW CAUSE NOTICE, REPLY AND HEARING 9. A Show Cause Notice A&E/BS/SS/146105/2008 dated December 01, 2008 (hereinafter referred to as the ‘SCN’) was sent to the noticee through Registered Post Acknowledgment Due (RPAD) in terms of the provision of Rule 4 of the Adjudication Rules, seeking reply of the noticee as to why an inquiry should not be held against him in respect of the violations alleged to have been committed by the noticee.
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Source: SecMarx — sebi:IVD-ID7/DEL/AO/DRK/SS/EAD3-90/2009. 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.