sebi:ORDER/BM/JR/2022-23/23232-23237
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Facts / Headnote
Violation of Regulation 3(1) and 4 of SAST Regulations, 2011 established; penalty of Rs.10,00,000 jointly and severally imposed under Section 15H(ii) of SEBI Act
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
- s. 15I(1)
Regulations
- Reg. 4
- Reg. 3
- Reg. 10
- Reg. 3(1)
- Reg. 2(q)
Parties
- Kaminiben Atulbhai Patni
- Rakesh Bhailalbhai Patel
- Riddish Gopal Modi
- Atul J Patni
- Nitin K Modi
- Jayesh Shah
Holding
The Noticees violated Regulation 3(1) and Regulation 4 of the SAST Regulations, 2011 by acquiring 25.41% voting rights with change in control in FY 2014-15 without making a public announcement of an open offer, and a monetary penalty of Rs.10,00,000 jointly and severally was imposed under Section 15H(ii) of the SEBI Act.
Full text
Adjudication Proceedings in the matter of JSG Leading Ltd. Page 2 of 12 regulation 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as “SAST Regulations”). APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Proceedings in the matter of JSG Leading Ltd. Page 3 of 12 Sr. No Name of the Promoter/ promoter Group entities
Adjudication Proceedings in the matter of JSG Leading Ltd. Page 4 of 12 Noticees pre-acquisition holdings post-acquisition holdings S.no. (1 to 6) Nil 7,62,400 (25.41%)
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