sebi:MC/CB/4/2018
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 13(4)
- Reg. 30(1)
- Reg. 30
Parties
- Mr. R Sundararaghavan
Holding
The Noticee, promoter and Managing Director of Invicta Meditek Limited, violated Regulation 13(4) & 13(4A) read with 13(5) of the PIT Regulations by failing to disclose sale of 2,03,156 shares on January 30, 2014 to the Company and BSE, and a monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act was imposed.
Full text
Adjudication Order in the matter of Invicta Meditek Limited Page 2 of 9 the undersigned was appointed as the Adjudicating Officer on April 26, 2018 which was communicated vide order dated June 19, 2018.
Adjudication Order in the matter of Invicta Meditek Limited Page 3 of 9 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, whichever is lower. (5) The disclosure mentioned in sub-regulations (3), (4) and (4A) shall be made within two working days of:
Adjudication Order in the matter of Invicta Meditek Limited Page 4 of 9 b) The Noticee also submitted that the aforesaid incorrect disclosure was made due to inadvertence and there was no mala fide intention. He also submitted that no undue advantage was gained by the Noticee. c) The Noticee also desired an opportunity of personal hearing in the instant matter, for which, he appointed Mr. N Rajkumar to be his authorized representative.
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Source: SecMarx — sebi:MC/CB/4/2018. 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.