sebi:MC/DPS/19-25/2018-19
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed on Noticee No. 6; proceedings against Noticees No. 1 to 5 and Noticee No. 7 disposed off without imposing penalty
Provisions invoked
- s. 11
- s. 15A
- s. 15I
- s. 15J
- s. 11C(3)
- s. 15I(2)
Parties
- Mitul Jaysukh Gondalia
- Daxaben J. Gondalia
- Chandulal R. Gondalia
- Laxman bhai Dhaduk
- Sanjay P. Gondalia
- Jaysukh R. Gondalia
- Gopal P. Gondalia
Holding
Noticee No. 6 violated Section 11C(3) by failing to comply with summons and is liable under Section 15A(a) with a penalty of Rs. 2,00,000, while proceedings against Noticees No. 1 to 5 and No. 7 are disposed without penalty.
Full text
Adjudication Order in the matter of M/s Osian Industries Ltd Page 2 of 13 Gondalia, (4) Laxman bhai Dhaduk, (5) Sanjay P. Gondalia, (6) Jaysukh R. Gondalia and (7) Gopal P. Gondalia (hereinafter referred to as 'the Noticee No. 1 to 7’ respectively or ‘the Noticees / You’ collectively ) are in violation of section 11C(3) of the SEBI Act. The Noticees No. 1-7 are the Promoters of the company - Osian Industries Ltd.
Adjudication Order in the matter of M/s Osian Industries Ltd Page 3 of 13 b) During investigation, it was observed that there were 9 promoter entities during the quarter ended March 2011 out of which 8 promoter entities sold their entire shareholding during April 2011 through off-market transactions. Only one promoter, namely, Noticee No. 6, did not sell his shareholding and was the only promoter during the period April 2012 to November 2012.
Adjudication Order in the matter of M/s Osian Industries Ltd Page 4 of 13 summons dated January 19, 2017 that despite repeated communication they had failed to provide the information and in case no information was provided by February 1, 2017, then, SEBI would initiate adjudication proceedings against them. However, again the information sought under the said summons was not provided by the Noticees.
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Source: SecMarx — sebi:MC/DPS/19-25/2018-19. 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.