sebi:MC/CB/2018-19/34
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Facts / Headnote
Penalty imposed on the Noticee for failure to make disclosures under PIT Regulations and SAST Regulations
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 13(1)
- Reg. 7(1)
- Reg. 29(1)
Parties
- Mr. Vasudeva Venkat
Holding
The Noticee failed to make mandated disclosures under Regulation 13(1) of the PIT Regulations and Regulation 29(1) read with 29(3) of the SAST Regulations after his shareholding crossed 5%, and a penalty of Rs. 1,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Bheema Cements Limited Page 2 of 10 15A (b) of the SEBI Act against the Noticee for the alleged violation of aforesaid provisions of PIT Regulations and SAST Regulations. Subsequently, the undersigned was appointed as the Adjudicating Officer on April 26, 2018 which was communicated vide order dated May 23, 2018.
Adjudication Order in the matter of Bheema Cements Limited Page 3 of 10 13. (1) Any person who holds more than 5% shares or voting rights in any listed company shall disclose to the company in Form A, the number of shares or voting rights held by such person, on becoming such holder, within 2 working days of :— (a) the receipt of intimation of allotment of shares; or (b) the acquisition of shares or voting rights, as the case may be.
Adjudication Order in the matter of Bheema Cements Limited Page 4 of 10 dated August 31, 2018, another notice of hearing dated October 03, 2018 was served upon the Noticee by way of e-mail wherein, the undersigned granted an opportunity of hearing to the Noticee on October 15, 2018. On receiving a request of adjournment from the Noticee, the undersigned provided the Noticee a final opportunity of hearing on November 01, 2018. The Noticee was also advised to file its reply, if any, towards the SCN.
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Source: SecMarx — sebi:MC/CB/2018-19/34. 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.