sebi:MC/CB/18/2018-19
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Facts / Headnote
Penalty of Rs 2,00,000 imposed on Noticee
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 7(1)
- Reg. 29
- Reg. 29(2)
Parties
- Paras Vinodchandra Shah
Holding
The Noticee violated Regulation 29(2) read with 29(3) of the SAST Regulations by failing to disclose reduction in shareholding by more than 2% to BSE, and a monetary penalty of Rs 2,00,000 under Section 15A(b) of the SEBI Act was imposed on Paras Vinodchandra Shah.
Full text
Adjudication Order in the matter of Ratnamani Agro Industries Ltd. Page 2 of 8 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 SAST Regulations: 29. Disclosure of acquisition and disposal ….. (2) Any person, who together with persons acting in concert with him, holds shares or voting rights entitling them to five per cent or more of the shares or voting rights in a target company, shall disclose the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below five per cent, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this subregulation; and such change exceeds two per cent of total shareholding or voting rights in the target company, in such form as may be specified.
Adjudication Order in the matter of Ratnamani Agro Industries Ltd. Page 4 of 8 8. Thereafter, the Noticee submitted its reply dated October 12, 2018 towards the SCN. The submissions of the Noticee are summarized as below: a. The Noticee stated that he had submitted all requisite compliances to the Company as well as the stock exchange through the Company, Mahavir Green Crop Limited. b. The Noticee also furnished a copy of the disclosure claimed to have been submitted to the BSE under Regulation 29(2) read with 29(3) of the SAST Regulations along with corresponding courier receipts. c. The Noticee also requested the undersigned to quash the adjudication proceedings and requested for an opportunity of personal hearing.
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Source: SecMarx — sebi:MC/CB/18/2018-19. 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.