sebi:Order/GR/RK/2022-23/22312-22321

SEBI · SEBI · 2022-10-27 · G Ramar, Adjudicating Officer

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Facts / Headnote

Penalty imposed on all ten noticees

Provisions invoked

Regulations

Parties

Holding

Noticee Nos. 1 to 8 violated Regulation 29(2) read with 29(3) of SAST Regulations and Noticee Nos. 7 to 10 violated Regulation 30(2) read with 30(3) of SAST Regulations, and each of the ten noticees was held liable for monetary penalty of Rs. 1,00,000 under Section 15A(b) of the SEBI Act, 1992.

Full text

______________________________________________________________________________________ Adjudication order in the matter of of Syschem India Limited Page 2 of 20 Mr. Bhavesh Virendra Shah (hereinafter referred to as “Noticee No. 2"), Mr. Bimal Virendra Shah (hereinafter referred to as “Noticee No. 3"), Mr. Dinesh Jagdishchandra Khokhani (hereinafter referred to as “Noticee No. 4"), Mr. Mahesh Jagdishchandra Khokhani (hereinafter referred to as “Noticee No. 5") and Mr. Mehul Jagdishchandra Khokhani (hereinafter referred to as “Noticee No. 6"). The examination was to ascertain whether there was any violation of the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as “SAST Regulations”) by certain entities. The examination revealed that Noticee No. 1 to 6 had failed to make timely disclosure of the change of their shareholdings as is mandated in the aforesaid Regulation.

______________________________________________________________________________________ Adjudication order in the matter of of Syschem India Limited Page 3 of 20 Penalties) Rules, 1995 (hereinafter referred to as “Adjudication Rules”) to inquire into and adjudge under Section 15A(b) of the SEBI Act, 1992 for the alleged violations of provisions of: a) Regulations 29(2) read with 29(3) of SAST Regulations by the Noticee No. 1-8; and b) Regulation 30(2) read with 30(3) of SAST Regulations by the Noticee No. 7-10.

______________________________________________________________________________________ Adjudication order in the matter of of Syschem India Limited Page 4 of 20 5 Mahesh Jagdishchandra Khokhani Y 23/11/2022 -Do- EMAIL -Do- 6 Mehul Jagdishchandra Khokhani

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Source: SecMarx — sebi:Order/GR/RK/2022-23/22312-22321. 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.