sebi:JJ/AK/AO-09-10/2014
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Facts / Headnote
Violations established; total penalty of Rs. 15,00,000 imposed jointly and severally
Provisions invoked
- s. 15A
- s. 15
- s. 15H
- s. 15J
Regulations
- Reg. 7
- Reg. 11
- Reg. 14
- Reg. 14(1)
- Reg. 44
- Reg. 10
- Reg. 11(1)
- Reg. 7(2)
- Reg. 35
Parties
- V.A. Norhi
- B.Y. Somayajulu
Holding
The Noticees violated regulation 11(1) read with regulation 14(1) and regulation 7(1A) read with regulation 7(2) of SAST Regulations, 1997 and were held liable to a total joint and several monetary penalty of Rs. 15,00,000 under section 15H(ii) and section 15A(b) of the SEBI Act.
Full text
Adjudication order in respect of V.A. Norhi and B.Y. Somayajulu in the matter of M/s Vybra Automet Limited Page 2 of 15 January 20, 2014 that the erstwhile promoters of VAL, i.e. Mr. V.A. Norhi (hereinafter referred to as “VAN”) and Mr. B.Y. Somayajulu (hereinafter referred to as “BYS”) (collectively referred to as “Noticees”) had violated the provisions of regulation 11(1) read with regulation 14(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as “SAST Regulations, 1997”) read with regulation 35 of SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011 (hereinafter referred to as “SAST Regulations, 2011”) AND regulation 7(1A) read with regulation 7(2) of SAST Regulations, 1997 read with regulation 35 of SAST Regulations, 2011 and therefore, liable for monetary penalty under section 15H(ii) and section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the ‘SEBI Act’).
Adjudication order in respect of V.A. Norhi and B.Y. Somayajulu in the matter of M/s Vybra Automet Limited Page 3 of 15 January 20, 2014 (Acknowledgement / Proof of Delivery is present on record). However, the Noticees did not submit any reply to the SCN.
Adjudication order in respect of V.A. Norhi and B.Y. Somayajulu in the matter of M/s Vybra Automet Limited Page 4 of 15 January 20, 2014
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Source: SecMarx — sebi:JJ/AK/AO-09-10/2014. 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.