sebi:Order/GR/AE/2019-20/6827-6832
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Facts / Headnote
Penalty imposed on Noticees for violation of Regulation 3(1) of SAST Regulations, 2011
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 3(1)
Parties
- Mr. Rajen Desai
- Mr. Armin Desai
- Limpid Investments Pvt Ltd
- Grandeur Corporation Private Limited
- Arangetam Trading Company LLP
- Aditya Investments and Communication Ltd.
Holding
The Noticees violated Regulation 3(1) of SAST Regulations, 2011 by acquiring shares that took their combined shareholding to 25.67% without making a public announcement of an open offer, and a penalty of Rs. 4,50,000/- was imposed jointly and severally under Section 15H(ii) of the SEBI Act, 1992.
Full text
Page 2 of 8 Transchem are listed at Bombay Stock Exchange Limited. (hearinafter referred to as “BSE”). 2. While examining the aforesaid draft LOO, it was observed that Noticee no. 4 viz. Grandeur Corporation Private Limited (hereinafter referred to as “GCPL”), one of the member of the promoter and promoter group of Transchem had acquired 1,75,000 shares of Transchem on January 30, 2012, which led to increase of shareholding of promoter and promoter group from 24.24% to 25.67%. At the time of acquisition, the promoter and promoter group of Transchem comprised of Noticee nos. 1 to 6 (viz. Mr. Rajen Desai, Mr. Armin Desai, Limpid Investments Pvt Ltd, Grandeur Corporation Private Limited, Arangetam Trading Company LLP, Aditya Investments and Communication Ltd.) (hereinafter collectively referred to as “Noticees”).
Page 3 of 8 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Rules”) for the violations as specified in the SCN.
Page 4 of 8 I. Whether the Noticees have violated the provisions of Regulation 3(1) of SAST Regulations, 2011? II. Does the violation, if established, attract monetary penalty under Section 15H(ii) of SEBI Act, 1992?
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Source: SecMarx — sebi:Order/GR/AE/2019-20/6827-6832. 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.