sebi:JJ/AK/AO-115/2014

SEBI · SEBI · 2013-06-27 · Jayanta Jash, Adjudicating Officer

Reviewed by Varun Matlani, Advocate — Securities Lawyer practicing in SAT and SEBI

Facts / Headnote

Penalty imposed on the Noticee for violation of regulation 8(3) of SAST Regulations, 1997

Provisions invoked

• s. 15A
• s. 15
• s. 15J

Regulations relied on

• SEBI (SAST) Regulations, 1997 — 8(3)

Parties

• M/s Kailash Auto Finance Limited

Holding

The Noticee, M/s Kailash Auto Finance Limited, violated regulation 8(3) of the SAST Regulations, 1997 by failing to make yearly disclosures to stock exchanges for the years 1998 to 2001 and 2003 to 2010, and is liable for a monetary penalty of Rs. 15,00,000 under section 15A(b) of the SEBI Act.

Full text

Adjudication order in respect of M/s Kailash Auto Finance Ltd. in the matter of M/s Kailash Auto Finance Ltd. Page 2 of 13 August 27, 2014 (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”) for the financial years 1998 to 2001 and 2003 to 2010.

Adjudication order in respect of M/s Kailash Auto Finance Ltd. in the matter of M/s Kailash Auto Finance Ltd. Page 3 of 13 August 27, 2014

Adjudication order in respect of M/s Kailash Auto Finance Ltd. in the matter of M/s Kailash Auto Finance Ltd. Page 4 of 13 August 27, 2014 year 2010. The same has been mentioned as well in clause 5.7 on page 15 of Letter of Offer of Open Offer of KAFL by Padma Impex Private Limited through public announcement dated May 18, 2010.  We would also like to submit that the person, who is looking after this matter on behalf of company, is currently attending his ailing close relative at his native place. Therefore, it is not possible for us to attend the personal hearing on August 07, 2014.  It is further submitted that we would like to file detailed reply in this matter and have started retrieving that the Noticee be granted an extension of four weeks' time from the date of this letter for submitting a reply thereto. Further, kindly reschedule the date of proposed personal hearing accordingly, preferably in the first half of September 2014. A line in confirmation from SEBI for extension of time shall be highly appreciated. .............."

Source: SecMarx — sebi:JJ/AK/AO-115/2014. 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.