sebi:Order/BD/NR/2019-20/7373-7380
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Facts / Headnote
Violation of Regulation 13(4A) of SEBI (PIT) Regulations held established against the promoter Noticees for failure to disclose change in shareholding exceeding 25,000 shares / Rs 5 lakh in value; SCN disposed without monetary penalty against Noticee 1 where violation did not stand established, and monetary penalty imposed on the other Noticees as deterrent.
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 13
- Reg. 12
Holding
The promoter Noticees (except Noticee 1) failed to make requisite disclosures under Regulation 13(4A) of SEBI (PIT) Regulations, 1992 upon change in shareholding exceeding 25,000 shares / Rs 5 lakh in value and are liable for penalty under Section 15A(b) of the SEBI Act; the case against Noticee 1 was not established and was disposed without penalty.
Full text
Adjudication Order in the matter of NCL Industries Ltd., Page 2 of 28 referred to as “NCL” / “Company”) inter-alia to ascertain any possible violation of the provisions of SEBI (Prohibition of Insider Trading) Regulations, 1992 (hereinafter referred to as SEBI (PIT) Regulations) by the Promoters of the Company during the period December 15, 2011 and October 9, 2014 (hereinafter referred to as “Investigation Period”).
Adjudication Order in the matter of NCL Industries Ltd., Page 3 of 28 4. A common Show Cause Notice (SCN) bearing ref. no., EAD/BJD/NJMR/2878/2020 dated January 22, 2020 was issued to the Noticees under Rule 4(1) of the SEBI Adjudication Rules to show cause as to why an inquiry should not be held and penalty be not imposed against them under Section 15A (b) of the SEBI Act, for the violation alleged to have been committed by them.
Adjudication Order in the matter of NCL Industries Ltd., Page 4 of 28 Promoter 62 1666981 47.71 53 16677255 47.73 Non Promoter 35428 18267520 52.29 34764 18260080 52.27 Total 35490 34937335 100.00 34817 34937335 100.00
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Source: SecMarx — sebi:Order/BD/NR/2019-20/7373-7380. 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.