sebi:Order/AP/VS/2021-22/11481-11486
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Facts / Headnote
Penalty imposed on the Noticees for failure to make disclosures under Regulation 29 of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 11(1)
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 7(1)
- Reg. 29(1)
- Reg. 31
- Reg. 29(2)
Parties
- Bharat Jayantilal Patel (Noticee No. 1)
- Minal Bharat Patel (Noticee No. 2)
- Pasha Finance Pvt. Ltd. (Noticee No. 3)
- Ruchit Bharat Patel (Noticee No. 4)
- Pat Financial Consultants Pvt. Ltd. (Noticee No. 5)
- Pankaj Jayantilal Patel (Noticee No. 6)
Holding
The Noticees, acting as Persons Acting in Concert (PACs), violated Regulation 29(1) and 29(2) read with 29(3) of the SAST Regulations, 2011 by failing to disclose their shareholding changes to the stock exchange and the company when their shareholding crossed 5% and for subsequent changes of 2% or more. A consolidated monetary penalty of ₹2,00,000 was imposed jointly and severally upon the Noticees under section 15A(b) of the SEBI Act.
Full text
_____________________________________________________________________________ Adjudication Order in respect of 6 Noticees in the matter of Asian Granito India Limited Page 2 of 8
_____________________________________________________________________________ Adjudication Order in respect of 6 Noticees in the matter of Asian Granito India Limited Page 3 of 8 (2) Any person, who together with persons acting in concert with him, holds shares or voting rights entitling them to five per cent or more of the shares or voting rights in a target company, shall disclose the number of shares or voting rights held and change in shareholding or voting rights, even if such change results in shareholding falling below five per cent, if there has been change in such holdings from the last disclosure made under sub-regulation (1) or under this sub-regulation; and such change exceeds two per cent of total shareholding or voting rights in the target company, in such form as may be specified. (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within two working days of the receipt of intimation of allotment of shares, or the acquisition of shares or voting rights in the target company to,— (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office
_____________________________________________________________________________ Adjudication Order in respect of 6 Noticees in the matter of Asian Granito India Limited Page 4 of 8
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Source: SecMarx — sebi:Order/AP/VS/2021-22/11481-11486. 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.