sebi:Order/AN/HP/2023-24/28466-28476
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Facts / Headnote
Noticees held liable for violation of Regulation 29(1) and 29(2) read with Regulation 29(3) and Regulation 18(6) of SAST Regulations; penalty imposed (amount not specified in extract)
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
- s. 28A
- s. 271B
- s. 44A
- s. 273B
Regulations
- Reg. 7(1)
- Reg. 17
- Reg. 29(1)
- Reg. 29
- Reg. 29(2)
- Reg. 29(3)
- Reg. 18(6)
- Reg. 2(1)(p)
Parties
- Noticee 1
- Noticee 2
- Noticee 3
- Noticee 4
- Noticee 5
- Noticee 6
- Noticee 7
- Noticee 8
- Noticee 9
- Noticee 10
- Noticee 11
Holding
The Noticees violated Regulation 29(1) and 29(2) read with Regulation 29(3) and Regulation 18(6) of the SAST Regulations by making delayed disclosures to the BSE regarding changes in shareholding exceeding two percent and by failing to disclose an acquisition during the offer period within twenty-four hours.
Full text
Adjudication Order in respect of 11 entities in the matter of Akashdeep Metal Industries Limited Page 2 of 23 Regulations’ / SAST Regulations, 2011’ / ‘SAST Regulations’) in the matter of Akashdeep Metal Industries Limited (‘Company / AMIL’). The Noticees 1 to 11 are collectively referred to as ‘Noticees’ / ‘You’.
Adjudication Order in respect of 11 entities in the matter of Akashdeep Metal Industries Limited Page 3 of 23 4. SEBI issued Summary Settlement Notice dated December 13, 2021 to Noticee 2 and PACs in terms of SEBI (Settlement Proceedings) Regulations, 2018 (‘Settlement Regulations’). In terms of Chapter VII of Settlement Regulations, applicant was required to file settlement application along with a settlement fee of Rs. 15,82,500 within 30 days of receipt of notice, which was stated in the notice. Pursuant to the issuance of aforesaid Summary Settlement Notice, SEBI received Settlement Application dated May 13, 2022 filed by Noticee 2 along with PACs. On perusal of the said application, SEBI observed that the application was not filed within 30 days of the receipt of the Summary Settlement notice and applicant did not remit the application fee and the settlement fee along with the application. In terms of Regulation 17 of Chapter VII of Settlement Regulations on ‘Summary Settlement’, specified proceedings need to be initiated in case the noticee does not file a settlement application under this Chapter or do not remit the settlement amount. Vide email dated July 22, 2022, applicant has been informed that Settlement Applicant filed by it cannot be
Adjudication Order in respect of 11 entities in the matter of Akashdeep Metal Industries Limited Page 4 of 23 6. The text of the aforesaid provisions is reproduced as under:
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Source: SecMarx — sebi:Order/AN/HP/2023-24/28466-28476. 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.