sebi:MC/DPS/5/2018
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Facts / Headnote
Penalty imposed on Noticee for failure to make mandated disclosures
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29
Parties
- Bhavna Rajesh Mehta
Holding
The Noticee, a promoter of Acclaim Industries Ltd, failed to make mandated disclosures under Regulation 13(4A) read with 13(5) of PIT Regulations and Regulation 29(2) read with 29(3) of SAST Regulations for share sale transactions in November-December 2013, and a penalty of Rs. 5,00,000 was imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Acclaim Industries Ltd Page 2 of 10 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 January 25, 2017 to inquire into and adjudge under Section 15A(b) of the SEBI Act against the Noticee for the alleged violation of aforesaid provisions of PIT Regulations and SAST Regulations. Subsequent to superannuation of Mr. Suresh Gupta, the undersigned was appointed as the Adjudicating Officer on May 23, 2018.
Adjudication Order in the matter of Acclaim Industries Ltd Page 3 of 10 confirm whether Noticee had made disclosures under regulation 13 of PIT Regulations and regulation 29 of SAST Regulations for the said transaction. However, the company failed to reply.
Adjudication Order in the matter of Acclaim Industries Ltd Page 4 of 10 29(3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to,— (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office.
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Source: SecMarx — sebi:MC/DPS/5/2018. 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.