sebi:ORDER/BM/DS/2023-24/30147-30162
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Facts / Headnote
Penalties imposed on Noticees for violations of SEBI SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 28A
Regulations
- Reg. 5
- Reg. 29(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 2(1)(q)
Parties
- Ms. Seema Garg
- Mr. Vikas Garg
- Ms. Sukriti Garg
- Ms. Vrinda Garg
- Mr. Vaasu Garg
- Mr. Nand Kishore Garg
- Ms. Usha Garg
- Mr. Madanlal Agarwal
- Ms. Laxmidevi Agarwal
- Ms. Tusha Garg
- Mr. Vaibhav Garg
- M/s Vaibhav Garg HUF
- Ms. Shashi Garg
- Mr. Vinod Kumar Garg
- M/s Vinod Kumar Garg HUF
- Ms. Nidhi Garg
Holding
The Noticees violated regulations 29(1) and 29(2) read with regulation 29(3) of SEBI SAST Regulations, 2011 by failing to make timely disclosures of share acquisitions and disposals, and penalties were imposed under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of Best Agrolife Limited Page 2 of 29 BACKGROUND: 1. Securities and Exchange Board of India (hereinafter being referred to as “SEBI”) conducted examination in the scrip of Best Agrolife Limited (formerly known as Sahyog Multibase Limited) (hereinafter referred to as “the Company”/ “Best Agrolife” / “Target Company”), from January 01, 2018 to December 31, 2020 (hereinafter referred to as “Examination Period”/ “EP”). During the examination, it was observed that there were non-compliances of provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as “SEBI SAST Regulations, 2011”) by the Noticees.
Adjudication Order in the matter of Best Agrolife Limited Page 3 of 29 Act, calling upon the Noticees to show cause as to why an inquiry should not be held against them for the aforesaid alleged violations of provisions of regulation 29(1) and 29(2) read with regulation 29(3) of SEBI SAST Regulations, 2011 and why penalty, if any, should not be imposed on them under Section 15A(b) of the SEBI Act, 1992.
Adjudication Order in the matter of Best Agrolife Limited Page 4 of 29 Noticee No. Noticee Name Relation with Noticee 1, Ms. Seema Garg 7 Ms. Usha Garg Mother-in-law of Noticee 1 (Spouse’ mother) 8 Mr. Madanlal Agarwal Father of Noticee 1 9 Ms. Laxmidevi Agarwal Mother of Noticee 1
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Source: SecMarx — sebi:ORDER/BM/DS/2023-24/30147-30162. 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.