sebi:IVD-ID7/SCL/AO/DRK/SS/EAD3-76/2009
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Facts / Headnote
Violations not established; no penalty imposed; adjudication proceedings disposed of
Provisions invoked
- s. 15H
- s. 15I
Regulations
- Reg. 3
- Reg. 13
- Reg. 199
- Reg. 200
Parties
- Santosh Kumar Niraj Kumar [HUF]
Holding
Violations of Regulations 3 and 4 (a), (b), (c) and (d) of the PFUTP Regulations 1995 read with Regulation 13 of the PFUTP Regulations 2003 were not established against Santosh Kumar Niraj Kumar [HUF], so no penalty under Section 15HA of the SEBI Act, 1992 was imposed and the proceedings were disposed of.
Full text
Page 2 of 9 had entered into a Share Purchase Agreement on 22.10.2003 with Jalan & Co, stock-broker of CSE, who was acting for and on behalf of and as Constituted Attorney of various Companies for purchase of 21,45,550 shares (constituting 44.70% of the share capital of SCL) at a price of Rs.2/- per share. Pursuant to the agreement, the Acquirers were required to make a public offer to acquire 9,60,000 shares of SCL representing 20% of its paid up capital to the shareholders of SCL in compliance with the Takeover Regulations.
Page 3 of 9 7. During this investigation period, it was observed that Santosh Kumar Niraj Kumar [HUF] (hereinafter referred to as the ‘noticee’) had sold 2,000 shares during the investigation period through the stock-broker Ahilya.
Page 4 of 9 10. In the SCN it was alleged that the noticee was in violation of Regulations 3 and 4 (a), (b), (c) and (d) of the PFUTP Regulations 1995 read with the provisions of Regulation 13 of the PFUTP Regulations 2003.
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Source: SecMarx — sebi:IVD-ID7/SCL/AO/DRK/SS/EAD3-76/2009. 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.