sebi:ORDER/NH/RJ/2023-24/29108-29111
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Facts / Headnote
Violation established; joint and several penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
Regulations
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 2(1)(q)(2)
Parties
- Ms. Zalak Purvesh Parikh
- Mr. Devabhai Nagjibhai Desai
- Ms. Renukaben Rameshbhai Shah
- Mr. Varun Jigneshkumar Shah
Holding
The Noticees, acting as persons acting in concert, violated Regulation 29(2) read with Regulation 29(3) of the Takeover Regulations by failing to disclose 16 instances of change exceeding 2% in aggregate promoter shareholding, and are liable to a joint and several monetary penalty of Rs. 16,00,000 under Section 15A(b) of the SEBI Act.
Full text
Page 2 of 24 Adjudication Order in the matter of A & M Febcon Limited 3. On this background, SEBI initiated the instant adjudication proceeding against the Noticees.
Page 3 of 24 Adjudication Order in the matter of A & M Febcon Limited of aforesaid transactions to BSE and to the company under Regulation 29(2) of Takeover Regulations. The details of the said 16 instances are tabulated below: * Promoter group shareholding as per March 2020 shareholding pattern is 56.92% ii. However, it is alleged that the Noticees being promoters did not make any disclosure in respect of 2% or more change in shareholding of promoter group on 16 instances as stated in the above table. Further, it was noted that BSE in its aforesaid letter dated September 16, 2021 has mentioned that the Noticees have not filed any disclosures under Regulation 29(2) of Takeover Regulations for the abovementioned transactions.
Page 4 of 24 Adjudication Order in the matter of A & M Febcon Limited Service of SCN and Hearing Notice on Noticee No. 1
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