sebi:JJ/AM/AO-72/2014
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty of Rs 5,00,000 imposed under Section 15A(b) of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15J
- s. 15
Regulations
- Reg. 13(3)
- Reg. 29(2)
- Reg. 29
Parties
- Virendrakumar Jayantilal Patel
Holding
The Noticee violated Regulation 13(3) of PIT Regulations and Regulation 29(2) of SAST Regulations by failing to make timely disclosures for sale of 64,770 shares representing 5.39% shareholding, and is liable to a monetary penalty of Rs 5,00,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in respect of Virendrakumar Jayantilal Patel in the matter of Parichay Investments Ltd. Page 2 of 11 May 30, 2014 the Noticee failed to make disclosures as required under Regulation 13(3) of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as “PIT Regulations”) and Regulation 29 (2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 (hereinafter referred to as “SAST Regulations”).
Adjudication Order in respect of Virendrakumar Jayantilal Patel in the matter of Parichay Investments Ltd. Page 3 of 11 May 30, 2014
Adjudication Order in respect of Virendrakumar Jayantilal Patel in the matter of Parichay Investments Ltd. Page 4 of 11 May 30, 2014 However, I have informed / disclosed to the company about the sale of shares and reduction in my holding in the prescribed format on 03.03.2014. MITIGATING FACTORS: o I have not violated any substantive provision of law. o I am not guilty of conduct which is contumacious or dishonest or acted in conscious disregard of law. I have not acted in defiance of law. o I have not viewed the regulatory proceedings in a non-chalant manner. o I have not made any unfair gain or advantage in any manner. In view of the above, I say that I have not violated the Provisions of Regulation 13(3) of SEBI (Prohibition of Insider Trading) Regulation, 1992 – PIT regulations and Regulation 29 (2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011 – SAST Regulation as alleged or otherwise.
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Source: SecMarx — sebi:JJ/AM/AO-72/2014. 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.