sebi:MC/CB/2019-20/4671-4673
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Facts / Headnote
Penalty of Rs. 2,00,000 each imposed on Noticee 1 (D Sudhakara Reddy) and Noticee 2 (D Deeptha Reddy); adjudication proceedings against Noticee 3 (Ms. Usha Reddy) abated due to her demise on April 16, 2016
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 7(1)
- Reg. 31(1)
- Reg. 8A(4)
- Reg. 31(2)
Parties
- D Sudhakara Reddy
- D Deeptha Reddy
- Usha Reddy
Holding
Noticee 1 and Noticee 2 failed to make timely disclosures of invocation of pledge on February 16, 2012 and consequent reduction of their shareholding to zero, violating Regulations 13(3), 13(4), 13(4A) read with 13(5) of the PIT Regulations and Regulation 31(2) read with 31(3) of the SAST Regulations, and are liable to monetary penalty. Proceedings against Noticee 3 abated on her death.
Full text
Adjudication Order in the matter of Regaliaa Realty Limited Page 2 of 12 on their shareholding and subsequent change in their shareholding in the Company. Noticee 1-3 shall hereinafter be collectively referred to as, the “Noticees”.
Adjudication Order in the matter of Regaliaa Realty Limited Page 3 of 12 Name Category Pledged Shares Percentage of total share capital Date of Creation of Pledge Sudhakar Reddy Promoter – cum – Director 976340 27.12% February 24, 2011 D Deeptha Promoter – cum – Director 739300 20.54% February 24, 2011 D Usha Reddy Promoter 284460 7.90% February 24, 2011 Total
Adjudication Order in the matter of Regaliaa Realty Limited Page 4 of 12 shareholding or voting rights, even if such change results in shareholding falling below 5%, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds 2% of total shareholding or voting rights in the company. (4) Any person who is a director or officer of a listed company, shall disclose to the company and the stock exchange where the securities are listed in Form D, the total number of shares or voting rights held and change in shareholding or voting rights, if there has been a change in such holdings of such person and his dependents (as defined by the company) from the last disclosure made under sub-regulation (2) or under this sub-regulation, and the change exceeds Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whichever is lower. (4A) Any person who is a promoter or part of promoter group of a listed company, shall disclose to the company and the stock exchange where the securities are listed in Form D, the total number of shares or voting rights held and change in shareholding or voting rights, if there has been a change in such holdings of such person from the last disclosure made under Listing Agreement or under sub-regulation (2A) or under this sub regulation, and the change exceeds Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whic
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Source: SecMarx — sebi:MC/CB/2019-20/4671-4673. 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.