sebi:ORDER/SM/AD/2021-22/14894-14895
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Facts / Headnote
Adjudication proceedings initiated against Noticees for violation of clause 6 of Schedule B and Regulations 9(1) and 9(2) of PIT Regulations for trading without pre-clearance; preliminary objections rejected
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15H
- s. 16
- s. 15G
- s. 15J
- s. 15F
- s. 28A
- s. 15I(1)
Regulations
- Reg. 9
- Reg. 7(2)(a)
- Reg. 2(1)(l)
- Reg. 9(1)
- Reg. 2
- Reg. 9(2)
- Reg. 2(1)(f)
- Reg. 9A
Parties
- Noticee 1 (J B Goel)
- Noticee 2 (Nakul Goel)
Holding
Noticees, as designated persons under Omaxe's Code of Conduct, were required to obtain pre-clearance before trading in the company's shares, and their failure to do so constitutes a violation of clause 6 of Schedule B read with Regulations 9(1) and 9(2) of the PIT Regulations. The preliminary objections regarding principles of natural justice, double jeopardy, and non-applicability of designated person status were rejected.
Full text
_________________________________________________________________________ Adjudication Order in the matter of Omaxe Limited 2 transacting in the scrip of the Company without taking any pre-clearance for their trades as required under the Company's Code of Conduct for Regulation, Monitoring and Prevention of Insider Trading.
_________________________________________________________________________ Adjudication Order in the matter of Omaxe Limited 3 a) SEBI observed that as per the code of conduct of the Company, there is a requirement of pre-clearance for any transactions of more than 1000 shares or transactions value exceeding Rs. 5 lakh shares value by the designated person. As per the said code of conduct, the definition of designated person includes the promoters, directors as well as immediate relatives. SEBI further observed that Noticee 2, a promoter of the Company, has received 12 lakh shares from his father, Noticee 1, who is also a promoter and Whole Time Director of the Company. Subsequently, Noticee 2 has sold 10,31,000 shares in the market. Details of transactions of Noticee 2 are given as under:
_________________________________________________________________________ Adjudication Order in the matter of Omaxe Limited 4
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Source: SecMarx — sebi:ORDER/SM/AD/2021-22/14894-14895. 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.