sebi:MC/DPS/7/2018
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Facts / Headnote
Penalty of Rs 3,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 13(3)
- Reg. 13(5)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 29
- Reg. 29(1)
Parties
- Dinesh Jayantlal Doshi
Holding
The Noticee violated Regulation 13(1), 13(3) read with Regulation 13(5) of PIT Regulations and Regulation 29(1), 29(2) read with Regulation 29(3) of SAST Regulations. A monetary penalty of Rs 3,00,000 under Section 15A(b) of the SEBI Act was imposed on Dinesh Jayantlal Doshi.
Full text
Adjudication Order in the matter of Acclaim Industries Ltd Page 2 of 11 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 11 c) During examination the Company was also asked vide email dated 21.05.2014, 23,05,2014, 03.06.2014, 21.07.2014 and 23.07.2014 to 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 11 29(2) Any person, who together with persons acting in concert with him, holds shares or voting rights entitling them to five per cent or more of the shares or voting rights in a target company, shall disclose the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below five per cent, 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 two per cent of total shareholding or voting rights in the target company, in such form as may be specified.
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Source: SecMarx — sebi:MC/DPS/7/2018. 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.