sebi:ORDER/BM/DS/2024-25/30523-30528
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Facts / Headnote
Penalty imposed on Noticees 1 to 6 for violations of SEBI SAST Regulations, 2011
Provisions invoked
- s. 15A
- s. 15
- s. 12A
- s. 15H
- s. 15J
- s. 28A
- s. 31
Regulations
- Reg. 4
- Reg. 6
- Reg. 13
- Reg. 3
- Reg. 15
- Reg. 10
- Reg. 8
- Reg. 14
- Reg. 5
- Reg. 29(1)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 3(1)
- Reg. 18
- Reg. 3(2)
- Reg. 25(5)
- Reg. 2
Parties
- Hitesh Mohanlal Patel
- Bhavna Hitesh Patel
- Dimple Vipul Patel
- Vipul Mohanlal Patel
- Vaishali Vijay Patel
- Vijay Jeevan Patel
Holding
The Noticees violated Section 12A(f) of the SEBI Act read with Regulations 3(1), 3(2), 3(3), 4, 13 and 25(5) of the SEBI SAST Regulations, 2011 by failing to make timely open offers, and violated Regulation 29(2) read with Regulation 29(3) of the SEBI SAST Regulations, 2011 by not making and making delayed disclosures. Penalties of ₹10,00,000 (jointly and severally for all six Noticees) for the open offer violation under Section 15H(ii), ₹1,00,000 on Noticee 1, ₹1,00,000 on Noticee 2, ₹2,00,000 on Noticee 3, and ₹3,00,000 (jointly and severally for all six Noticees) for disclosure violations under Section 15A(b) were imposed.
Full text
Adjudication Order in the matter of Nutricircle Limited Page 2 of 29 Regulation 25(5) of SEBI SAST Regulations, 2011 and Regulation 29(2) read with Regulation 29(3) of SEBI SAST Regulations, 2011.
Adjudication Order in the matter of Nutricircle Limited Page 3 of 29 not make open offer under SEBI SAST Regulations, 2011 and also did not make disclosures / made delayed disclosures under regulation 29(2) read with regulation 29(3) of SEBI SAST Regulations, 2011 in respect of acquisition of shares of Nutricircle Limited. Table 1 Noticee No. Noticee Name 1 Hitesh Mohanlal Patel 2 Bhavna Hitesh Patel 3 Dimple Vipul Patel 4 Vipul Mohanlal Patel 5 Vaishali Vijay Patel 6 Vijay Jeevan Patel
Adjudication Order in the matter of Nutricircle Limited Page 4 of 29 Table 2 Particulars Total Shares held by acquirer and PACs (Opening for the year + Acquired during the year) Paid-up capital in the mentioned financial year Percentage Whether Open offer triggered as per Regulation 3 and 4 of SAST Regulations, 2011 FY 2014-15 91,768 54,35,600 1.69% - FY 2015-16 58,568 54,35,600 1.08% - FY 2016-17 33,067 2,71,780 12.17% - FY 2017-18 55,054 2,71,780 20.26% - FY 2018-19 86,124 2,71,780 31.69% Yes FY 2019-20 86,124 2,71,780 31.69% - FY 2020-21 1,45,762 2,71,780 53.63% Yes FY 2021-22 1,33,990 2,71,780 49.30% - FY 2022-23 1,33,401 2,71,780 49.08% -
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Source: SecMarx — sebi:ORDER/BM/DS/2024-25/30523-30528. 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.