sebi:ORDER/SR/2022-23/18/21908
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Facts / Headnote
Show Cause Notice disposed of without imposing monetary penalty; allegations of violation not established
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 13(3)
Regulations
- Reg. 13(3)
Parties
- Shitalbhai Priyasharan Shah
Holding
The allegations of violation of regulation 13(3) r/w 13(5) of PIT Regulations, 1992 against Shitalbhai Priyasharan Shah were not established, and the Show Cause Notice was disposed of without imposing any monetary penalty.
Full text
Adjudication Order in respect of Shitalbhai Priyasharan Shah in the matter of Radhe Developers (India) Ltd. Page 2 of 7 SEBI-PUBLIC and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as Adjudication Rules, 1995) to inquire into and adjudge under section 15A(b) of the SEBI Act, 1992 for the alleged violations of 13(3) r/w 13(5) of PIT Regulations, 1992 by the Noticee. Subsequently, the matter was transferred to me and I was appointed as AO vide order dated July 10, 2017.
Adjudication Order in respect of Shitalbhai Priyasharan Shah in the matter of Radhe Developers (India) Ltd. Page 3 of 7 SEBI-PUBLIC IA observed that there has been a change in Noticee’s shareholding above 2.00% on March 09 and April 13, 2010 and due to such change, the Noticee was under obligation to make disclosure to the Company for these trades within two working days in terms of regulation 13(3) r/w 13(5) of PIT Regulations, 1992. However, Noticee failed to make disclosures to the Company and hence alleged that the Noticee violated provisions of regulation 13(3) r/w 13(5) of PIT Regulations, 1992.
Adjudication Order in respect of Shitalbhai Priyasharan Shah in the matter of Radhe Developers (India) Ltd. Page 4 of 7 SEBI-PUBLIC defend themselves against the charges levied in the SCN through written
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Source: SecMarx — sebi:ORDER/SR/2022-23/18/21908. 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.