sebi:Order/AN/PR/2024-25/30725-30733
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Facts / Headnote
Violation established; monetary penalty imposed under Section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 13
- Reg. 2(1)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 201
- Reg. 2(1)(q)(2)
- Reg. 31
- Reg. 29a
- Reg. 31o
- Reg. 66
Parties
- Narmadaben Shamjibhai Chauhan
- Nayan Vallabhbhai Gadhiya
- Kantaben Vallabhbhai Gadhiya
- Pooja Amit Gadhiya
- M/s. White Cott (White Cott Fabrics)
- Harikrishna Shamjibhai Chauhan (HUF)
- Ms. Priyanka Harikrushnabhai Chauhan
- Mr. Amit Vallabhbhai Gadhiya
- Mr. Harikrushna Shamjibhai Chauhan
- Ms. Rekhaben Harikrushnabhai Chauhan
Holding
The Noticees, as persons acting in concert (PACs) in the promoter group of Akshar Spintex Ltd., violated Regulation 29(2) read with 29(3) of the SEBI (SAST) Regulations, 2011 by failing to file disclosures when their collective shareholding reduced from 50.62% to 43.75% (a reduction of 6.87%) during the investigation period. The Noticees were held liable for monetary penalty under Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of Akshar Spintex Ltd. |Page 2 of 20 Narmadaben Shamjibhai Chauhan, Nayan Vallabhbhai Gadhiya, Kantaben Vallabhbhai Gadhiya,Pooja Amit Gadhiya, M/s. White Cott (all the nine Noticees collectively also referred to as ‘Noticees’ unless the context specifies otherwise) had failed to file disclosure under Regulation 29(2) read with 29(3) of SEBI (SAST) Regulations, 2011 as the shareholding of the Person acting in concert (PAC) had reduced from 50.62% to 43.75 i.e changed/ reduced by 6.87% during the IP.
Adjudication Order in the matter of Akshar Spintex Ltd. |Page 3 of 20 (hereinafter also referred to as ‘SCN’) was duly served upon the Noticees in terms of Rule 4(1) of SEBI Adjudication Rules vide digitally signed emails dated July 01, 2024 and also through Speed Post Acknowledgment Due (SPAD) to show cause within 14 days of receipt of the SCN, as to why inquiry should not be held and penalty, if any, be not imposed under Section 15A(b) of the SEBI Act, 1992 for the alleged violations by the Noticees.
Adjudication Order in the matter of Akshar Spintex Ltd. |Page 4 of 20 1 28/11/2022 0 3,13,000 -1.25 -1.25 2 29/11/2022 0 4,21,000 -1.68 -2.93 3 30/11/2022 1,371 1,371 0 -2.93 4 01/12/2022 1,00,000 0 0.4 -2.53 5 02/12/2022 0 1,21,018 -0.48 -3.01 6 05/12/2022 0 42,926 -0.17 -3.18 7 06/12/2022 0 20,000 -0.08 -3.26 8 07/12/2022 0 43,519 -0.17 -3.43 9 09/12/2022 0 6,644 -0.03 -3.47 4.1.10. From the above table, it was observed that holding of PAC in the company Akshar Spintex Ltd fell by more than 2% on November 29, 2022. This sale triggered disclosure requirement under regulation 29(2) r/w 29(3) of SEBI(SAST) Regulations, 2011 by December 01, 2022
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Source: SecMarx — sebi:Order/AN/PR/2024-25/30725-30733. 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.