sebi:IVD-ID9/TDL-AG/AO/DRK-AKS/EAD3-463/6-2014
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Facts / Headnote
Violation found; penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 12
Parties
- Shri Atul Gupta
Holding
The noticee, director of Tulive Developers Ltd., violated Regulation 13(4) read with Regulation 13(5) of the PIT Regulations by failing to disclose sales exceeding Rs 5 lakh on 26.08.2010 and 06.10.2010. A penalty of Rs 4,65,000 under Section 15A(b) of the SEBI Act, 1992 was imposed.
Full text
Page 2 of 9 (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) to inquire into and adjudge under Section 15A (b) of the SEBI Act the violation of Regulation 13 (4) read with Regulation 13 (5) of PIT Regulations alleged to have been committed by the noticee and the same was communicated vide proceedings of the Whole Time Member appointing Adjudicating Officer dated 12.06.2013.
Page 3 of 9 regulation 13(4) lays down three criteria, and when the lower of any of the three is exceeded, it would trigger disclosure, viz: a) ` 5 Lakh in value; b) 25,000 shres; or c) 1% of the total shareholding or voting rights.
Page 4 of 9 Regulation 13(4) of the PIT Regulations was inadvertent and with no malafide intention. Without prejudices, the noticee has out of abundant caution along with his letter dated March 1, 2013 submitted Form D to SEBI.
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Source: SecMarx — sebi:IVD-ID9/TDL-AG/AO/DRK-AKS/EAD3-463/6-2014. 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.