sebi:Order/AK/AS/2022-23/22336-22337
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Facts / Headnote
Violations established; monetary penalty of Rs.25,00,000 on Naresh Ramniklal Mehta and Rs.20,00,000 on Pallavi Naresh Mehta imposed under Section 15G of the SEBI Act.
Provisions invoked
- s. 15
- s. 19
- s. 12A
- s. 15G
- s. 15J
- s. 24
Regulations
- Reg. 3
- Reg. 5
- Reg. 2(1)(d)
- Reg. 2(g)
- Reg. 2(1)(n)(i)
- Reg. 2(1)(n)
- Reg. 3(2)
Parties
- Naresh Ramniklal Mehta
- Pallavi Naresh Mehta
Holding
Noticees, as insiders of DFPCL, traded while in possession of UPSI relating to Q1 FY2020-21 financial results in violation of Regulation 3(2) and 4(1) of PIT Regulations and Section 12A(d) and (e) of SEBI Act, and are liable for monetary penalty under Section 15G of the SEBI Act.
Full text
Adjudication Order in the matter of Deepak Fertilizers and Petrochemicals Corporation Limited Page 2 of 25 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order in the matter of Deepak Fertilizers and Petrochemicals Corporation Limited Page 3 of 25 5. Vide responses dated October 20, 2022, Noticees requested for adjournment of personal hearing as scheduled and submitted replies to the SCN on merits. Vide email dated October 20, 2022, Noticees’ request for adjournment was acceded to and they were granted another opportunity of personal hearing on November 07, 2022.
Adjudication Order in the matter of Deepak Fertilizers and Petrochemicals Corporation Limited Page 4 of 25 8. Before I proceed with the matter, it is pertinent to mention the relevant legal provisions alleged to have been violated by the Noticees and the same are reproduced below:
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Source: SecMarx — sebi:Order/AK/AS/2022-23/22336-22337. 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.