sebi:Order/GR/AE/2019-20/6193-6194
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Facts / Headnote
Penalty of Rs. 1,00,000 each imposed on Noticee No.1 and Noticee No.2 for violation of PIT Regulations; no penalty imposed for alleged violation of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 7
- Reg. 199
- Reg. 13(3)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 201
Parties
- Juniper Vinimay Pvt Ltd
- Marina Dealcom Pvt Ltd
Holding
Noticee No.1 and Noticee No.2 violated Regulation 13(3) read with 13(5) of PIT Regulations, 1992 and are liable to penalty under Section 15A(b), while no penalty was imposed for the delayed disclosures under Regulation 29(2) read with 29(3) of SAST Regulations, 2011 for decrease in shareholding.
Full text
Page 2 of 15 ii. The shareholding of Noticee No. 2 changed from 87,48,000 shares (12.84%) as on 04/04/2014 to 63,19,466 shares (9.28%) as on 08/09/2014. The shareholding of the said Noticee further reduced to 44,89,405 shares (6.59%) as on 07/10/2014. Subsequently, the shareholding of Noticee No. 2 reduced to 27,76,888 shares (4.08%) as on 16/10/2014. Noticee No. 1 and 2 are hereinafter collectively referred to as “Noticees”
Page 3 of 15 communicated to the undersigned vide communique dated May 22, 2019. These proceedings are therefore been carried forward from where they had been left off by the previous AO. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Page 4 of 15 iii. The delay in making disclosure under the Takeover Regulations and not making any disclosure under the PIT Regulations as alleged in the SCN was inadvertent and unintentional. The alleged violations are technical, venial and procedural and have not caused any adverse consequences to anybody. iv. They have not made any disproportionate gain or gained unfair advantage. Further they have not caused any loss to investors or group of investors. v. They have never been penalized for any infraction or violation of any rules or regulations by SEBI. vi. The Adjudicating Officer is not under any statutory obligation to impose
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Source: SecMarx — sebi:Order/GR/AE/2019-20/6193-6194. 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.