sebi:Order/KS/VC/2019-20/6434-6435
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Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 28A
Regulations
- Reg. 7
- Reg. 3
- Reg. 31
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 7(2)(a)
- Reg. 7(2)(b)
- Reg. 8
- Reg. 31(2)
- Reg. 1
- Reg. 9
- Reg. 31(3)
Parties
- 25FPS
- ZMCL
Holding
Noticee 1 (25FPS) made belated disclosures in violation of Regulation 7(2)(a) of PIT Regulations and Regulations 29(2) read with 29(3) and 31(2) read with 31(3) of SAST Regulations, 2011. Noticee 2 (ZMCL) made belated disclosures in violation of Regulation 7(2)(b) of PIT Regulations.
Full text
Page 2 of 35 2. In view of the said letters, SEBI conducted examination in the scrip of ZMCL from April 8, 2019 to April 26, 2019 (hereinafter referred to as ‘Examination Period’) to ascertain whether there was any disclosure violation of PIT Regulations and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as ‘SAST Regulations’) by 25FPS and/or ZMCL. During the examination, it was observed by SEBI that IFCI Ltd. (pledgee) had invoked pledge in respect of 1,07,15,825 equity shares of the company pledged by 25FPS (pledger).
Page 3 of 35 adjudge under the provisions of section 15A(b) of the SEBI Act, the alleged failure on the part of the Noticees to comply with the relevant provisions of law. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Page 4 of 35 Table 1: Details of transactions of 25FPS Sr. No Transaction Date Nature of Transaction No. of Shares Rate (Rs) Value (Rs) 1 April 08, 2019 Invocation of Pledge 25,61,128 16.40 4,20,02,499.00
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Source: SecMarx — sebi:Order/KS/VC/2019-20/6434-6435. 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.