sebi:ORDER/MS/SB/2018-19/2022
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Facts / Headnote
Penalty of Rs. 2,50,000 imposed on Brijdham Dealcom Private Ltd under Section 15A(b) of the SEBI Act for non-disclosure of shareholding crossing 5% threshold.
Provisions invoked
- s. 15A
- s. 15
- s. 146
- s. 610B
Regulations
- Reg. 13
- Reg. 13(1)
- Reg. 29
- Reg. 29(1)
Parties
- Brijdham Dealcom Private Ltd
Holding
The acquirer, Brijdham Dealcom Private Ltd, acquired 3,00,000 shares of the target company on November 06, 2013, increasing its shareholding from 4.84% to 5.25%, thereby crossing the 5% threshold, and failed to disclose this to the target company and stock exchanges as required under Regulation 29(1) r/w 29(3) of SAST Regulations and Regulation 13(1) of PIT Regulations, attracting a penalty of Rs. 2,50,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 8 order dated June 22, 2015. Pursuant to his transfer, the undersigned was appointed as AO vide order dated January 27, 2016.
Page 3 of 8 registered office and also to make necessary filing with the Registrar of Companies / MCA portal, in case of change in this address. Sections 12 and 398 of the Companies Act, 2013, which came into force w.e.f. May 29, 2015 and April 01, 2014, respectively, correspond to the aforesaid provisions of Companies Act, 1956. Hence, the consequences of non- compliance to these provisions, if any, shall vest solely with the acquirer. Moreover, Order 29, Rule 2 (b) of the Civil Procedure Code states that:
Page 4 of 8 29. (1) Any acquirer who acquires shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, aggregating to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights in such target company in such form as may be specified. (2) ………… (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to,— (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office.”
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Source: SecMarx — sebi:ORDER/MS/SB/2018-19/2022. 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.