sebi:MC/CB/2018-19/63-64

SEBI · SEBI · 2017-03-07 · Maninder Cheema, Adjudicating Officer

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Facts / Headnote

Penalty imposed for violation of Regulation 31 of SAST Regulations; violation of Regulation 13(4A) of PIT Regulations not established

Provisions invoked

• s. 15A
• s. 15I
• s. 15J

Regulations

• Reg. 13
• Reg. 31
• Reg. 29(2)
• Reg. 31(1)
• Reg. 31(2)
• Reg. 31(3)

Parties

• JPA Solutions Private Limited
• Jagdishchandra Jhamaklal Mansukhani

Holding

Noticee 1 and Noticee 2 violated Regulation 31 of the SAST Regulations and were penalized Rs. 6,00,000 and Rs. 12,00,000 respectively under Section 15A(b) of the SEBI Act, while violation of Regulation 13(4A) of the PIT Regulations was not established.

Full text

Adjudication Order in the matter of Man Industries (India) Limited Page 2 of 19 APPOINTMENT OF ADJUDICATING OFFICER 2. SEBI initiated adjudication proceedings and appointed Mr. Suresh Gupta, Chief General Manager as Adjudicating Officer under Section 15I of the Securities and Exchange Board of India Act, 1992 (hereinafter be referred to as, the “SEBI Act”) read with Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter be referred to as, the “Adjudication 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 aforesaid alleged violations. 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 19 Relevant evidences of the aforesaid transactions were provided to the Noticees vide Statement of Transactions carried out by the Noticee provided to SEBI by the NSDL. b) As a result of the aforesaid transactions, the Noticees were required to submit relevant disclosures within 2 days of these transactions to the Company and to BSE & NSE under Regulation 13(4A) read with 13(5) of the PIT Regulations. However, the Noticees, allegedly, failed to submit disclosures required under the PIT Regulations. c) During the Examination Period, the Noticees also created encumbrance over the shares of the Company, details of which are produced hereunder: Name of the Noticee Date of Transaction Transaction Volume – No. of shares encumbered and their percentage JPA Solutions Private Limited April 30, 2013 2,50,000 (0.44%)

Adjudication Order in the matter of Man Industries (India) Limited Page 4 of 19 (0.18%) October 29, 2013 20000 (0.04%) February 11, 2014 1000000 (1.75%)

Source: SecMarx — sebi:MC/CB/2018-19/63-64. 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.