sebi:MC/CB/17/2018-19
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Facts / Headnote
Penalty of Rs 1,00,000 imposed for violation of Regulation 13(6) of the PIT Regulations
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 13
- Reg. 13(3)
- Reg. 13(6)
Parties
- Mahavir Green Crop Limited
Holding
The Noticee violated Regulation 13(6) of the PIT Regulations by failing to disclose to BSE the information received under Regulation 13(3) regarding 3.53% reduction in shareholding of Mr. Paras Vinodchandra Shah, and was held liable to a monetary penalty of Rs 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Ratnamani Agro Industries Ltd. Page 2 of 8 SEBI Act against the Noticee for the alleged violation of aforesaid provisions of the PIT Regulations. Subsequently, the undersigned was appointed as the Adjudicating Officer on May 10, 2018 which was communicated vide order dated May 23, 2018.
Adjudication Order in the matter of Ratnamani Agro Industries Ltd. Page 3 of 8 e) However, the BSE, vide e-mail dated August 06, 2015 confirmed that the Noticee did not disclose information received from Mr. Paras Vinodchandra Shah under Regulation 13(3) of the PIT Regulations to the BSE. f) Therefore, it was alleged that the aforesaid non-disclosure of information received under Regulation 13(3) from Mr. Paras Vinodchandra Shah by the Noticee was in violation of Regulation 13(6) of the PIT Regulations, text of which is mentioned as below: PIT Regulations: 13. ….. (6) Every listed company, within [two working] days of receipt, shall disclose to all stock exchanges on which the company is listed, the information received under sub-regulations (1), (2), (2A), (3), (4) and (4A) [in the respective formats specified in Schedule III.
Adjudication Order in the matter of Ratnamani Agro Industries Ltd. Page 4 of 8 a. The Noticee confirmed the reduction in the shareholding of Mr. Paras Vinodchandra Shah as alleged in the SCN and receipt of disclosure relating to the aforesaid reduction from him. b. The Noticee also submitted dates on which the aforesaid disclosures were dispatched by it to the BSE and produced relevant courier receipts to substantiate the same. c. The Noticee, therefore, requested the undersigned to quash the SCN and requested for an opportunity of hearing.
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Source: SecMarx — sebi:MC/CB/17/2018-19. 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.