sebi:Order/KS/AA/2019-20/2947
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed on the Noticee under Section 15A(b) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 291
- s. 179
Regulations
- Reg. 7(1)
- Reg. 199
- Reg. 7(2)
- Reg. 35(2)
Parties
- Brabourne Commerce Private Limited
Holding
The Noticee violated Regulation 7(1) [read with Regulation 7(2)] of the SAST Regulations, 1997 read with Regulation 35(2) of the SAST Regulations, 2011 by delayed disclosure, and a monetary penalty of Rs. 2,00,000 under Section 15A(b) of the SEBI Act was imposed on Brabourne Commerce Private Limited.
Full text
Page 2 of 12 Regulations, 1997’), the Noticee was required to disclose the aggregate of its shareholding in the Target Company to the Target Company and to the stock exchange(s) where shares of the Target Company were listed, i.e., to BSE within two days of the said allotment of shares. SEBI observed that the Noticee had failed to comply with the said disclosure requirement and had violated the provisions of Regulation 7(1) of SAST Regulations, 1997 read with Regulation 35(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations, 2011’). In view of the same, SEBI initiated adjudication proceedings against the Noticee.
Page 3 of 12 the Target Company increased from 0% to 14.16%. In terms of Regulation 7(1) [read with Regulation 7(2)] of the SAST Regulations, 1997, the Noticee was required to disclose the aggregate of its shareholding in the Target Company to the Target Company and to the stock exchange(s) where shares of the Target Company were listed, i.e., BSE within two days of the said allotment of shares, i.e., by March 03, 2008.
Page 4 of 12 7(2)] of the SAST Regulations, 1997 read with Regulation 35(2) of the SAST Regulations, 2011. 6. The SCN issued to the Noticee was sent via Speed Post Acknowledgement Due (‘SPAD’) and digitally signed email. Subsequently, the SCN was also hand delivered to the Noticee at its address - 2, Red Cross Place, Kolkata – 700001. However, the Noticee failed to submit its reply to the SCN. In view of the same, a reminder cum hearing notice dated January 04, 2019 was issued to Noticee granting an opportunity of hearing in the matter on January 24, 2019. The Noticee was also granted a final opportunity to submit its reply to the SCN at least two days before the date of the above scheduled hearing. The said reminder cum hearing notice dated January 04, 2019 was duly delivered to the Noticee. However, the Noticee did not submit any reply to the SCN and also failed to avail of the opportunity of hearing on January 24, 2019. Thereafter, the Noticee was granted a final opportunity of hearing in the matter on March 29, 2019 vide hearing notice dated March 01, 2019. The Noticee, vide email dated March 27, 2019, submitted a scanned copy of its letter dated March 26, 2019. In the said letter dated March 26, 2019, the Noticee inter alia made the following
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Source: SecMarx — sebi:Order/KS/AA/2019-20/2947. 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.