sebi:MC/CB/2018-19/60
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
No penalty imposed; SCN disposed of
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(4)
- Reg. 29(2)
- Reg. 29(1)
Holding
The Adjudicating Officer held that violations of Regulations 13(1), 13(4A) of the PIT Regulations and Regulation 29(1) read with 29(3) of the SAST Regulations were not established and imposed no penalty, disposing of the SCN.
Full text
Adjudication Order in the matter of Man Industries (India) Limited Page 2 of 11 Rules”) vide order dated March 07, 2017 to inquire into and adjudge under Section 15A (b) of the SEBI Act against the Noticee for the alleged violations of regulation 13(1), (4A) read with 13(5) of the PIT Regulations and Regulation 29(1) read with 29(3) of the SAST Regulations. Subsequently, the undersigned was appointed as the Adjudicating Officer on April 26, 2018 which was communicated vide order dated August 21, 2018.
Adjudication Order in the matter of Man Industries (India) Limited Page 3 of 11 and to BSE & NSE under Regulation 13(4A) read with 13(5) of the PIT Regulations. Similarly, pursuant to the transaction on March 31, 2014, the Noticee was required to disclose its shareholding to the Company within 2 days of receipt of the aforesaid acquisition under Regulation 13(1) of the PIT Regulations and to the Company as well as the BSE & NSE under Regulation 29(1) read with 29(3) of the SAST Regulations. However, the Noticee, allegedly, failed to submit required disclosures under the PIT Regulations and SAST Regulations. c) The alleged failure of the Noticee to disclose change in its shareholding was confirmed by the NSE vide e-mail dated July 17, 2018, BSE vide e-mail dated July 11, 2018 and the Company vide e-mail July 18, 2018. d) It was alleged that the non-disclosures regarding change in its shareholding on June 07, 2013 and March 31, 2014 by the Noticee were in violation of Regulations 13 (1), 13(4A) read with 13(5) of the PIT Regulations and Regulation 29(1) read with 29(3) of the SAST Regulations, text of which is mentioned as below: SEBI (Prohibition of Insider Trading) Regulations, 1992 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
Adjudication Order in the matter of Man Industries (India) Limited Page 4 of 11 (5) The disclosure mention in sub-regulations (3), (4) and (4A) shall be made within two working days of:
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:MC/CB/2018-19/60. 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.