sebi:Order/AP/VS/2020-21/10007
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Facts / Headnote
Monetary penalty of Rs. 1,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act for violation of SAST Regulations
Provisions invoked
- s. 15A
- s. 15I
- s. 15J
- s. 15
- s. 15F
- s. 28A
Regulations
- Reg. 31(1)
- Reg. 31(3)
- Reg. 33(3)
Parties
- Mr. Chetan Parekh
Holding
The Noticee, being promoter of Gujarat Cotex Limited, violated regulation 31(1) and 31(2) read with 31(3) of the SAST Regulations by failing to disclose creation and release of pledge of 81,50,000 shares and is liable to a monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act.
Full text
_______________________________________________________________________________ Adjudication Order in the matter of Gujarat Cotex Limited Page 2 of 7
_______________________________________________________________________________ Adjudication Order in the matter of Gujarat Cotex Limited Page 3 of 7 2020 granted another opportunity of personal hearing to the Noticee on March 18, 2020. The Noticee further requested for the adjournment of the hearing and accordingly the hearing was scheduled on March 26, 2020. Subsequently, due to ongoing worldwide pandemic situation the scheduled hearing was adjourned. Thereafter, on betterment of the pandemic situation the hearing was again scheduled on September 18, 2020 and an additional opportunity of filing reply to the SCN was granted to the Noticee. The Notice vide his email dated September 16, 2020 submitted his reply dated September 15, 2020 to the SCN. The Noticee vide its reply dated September 15, 2020 inter- alia submitted as follows:
_______________________________________________________________________________ Adjudication Order in the matter of Gujarat Cotex Limited Page 4 of 7
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Source: SecMarx — sebi:Order/AP/VS/2020-21/10007. 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.