sebi:MO/14/IVD/11/05

SEBI · SEBI · 1997-02-07 · Madhukar, Whole Time Member

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Preliminary objection rejected; SEBI held to have jurisdiction to issue show cause notice dated 05.02.2004; proceedings pursuant thereto may be taken up after 15 days from receipt of order

Provisions invoked

• s. 11B

Regulations

• Reg. 199
• Reg. 10(2)
• Reg. 47
• Reg. 9(2)
• Reg. 44(d)

Parties

• Shri Gazdar

Holding

SEBI has jurisdiction to issue the show cause notice dated 05.02.2004 to Shri Gazdar for alleged violations of the repealed Takeover Regulations 1994, and proof of the letter dated 07.02.1997 or commencement of investigation prior to 20.02.1997 is inconsequential.

Full text

2 SPL constituting 8.608% of the voting capital of CMIL, thereby rendering SPL and Shri Gazdar as persons acting in concert having acquired aforesaid shares in CMIL and as such having violated, Regulation 9(2) of ‘Takeover Regulations 1994’ on 04.11.96 by not making public announcement to the shareholders of CMIL, and

3 Whereas, aggrieved by the said letter, Shri Gazdar filed Appeal No. 247 of 2004 before SAT which vide its order dated 14.10.2004 directed SEBI to give a personal hearing for deciding the preliminary objection of Shri Gazdar and

4 action was initiated before such repeal, duly supported by the proof of having initiated such action by SEBI, and in this context,

Source: SecMarx — sebi:MO/14/IVD/11/05. 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.