sebi:Order/KS/VS/2020-21/9032-9034
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Facts / Headnote
Penalties imposed on Noticees for violations of SAST Regulations
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 7(1)
- Reg. 11
- Reg. 3
- Reg. 10
- Reg. 29(1)
- Reg. 29
- Reg. 8(2)
- Reg. 29(2)
- Reg. 29(3)
- Reg. 7(2)
- Reg. 3(1)
- Reg. 30(3)
- Reg. 30(1)
- Reg. 30
- Reg. 30(2)
- Reg. 29(4)
- Reg. 8(1)
- Reg. 3(2)
- Reg. 6(3)
- Reg. 22(16)
Parties
- Vivekshil Dealers Private Limited (Now known as Hi Print Electromack Private limited)
- Kailash Industries Limited
- Genus Paper Products Limited
Holding
The Noticees violated Regulation 8(2) of SAST 1997, Regulation 30(1) and 30(2) of SAST 2011, and Regulation 3(2) of SAST 2011 by failing to make a public announcement of an open offer. Penalties of Rs. 1,00,000 each for Regulation 8(2) violations and Rs. 2,00,000 jointly and severally for Regulation 30(1) and 30(2) violations were imposed under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Genus Prime Infra Limited Page 2 of 41 referred to as the “GPIL” or “Company”), through a public announcement dated July 01, 2014 for acquisition of 36,59,110 shares of the company representing 26% of the paid up capital of the company.
Adjudication Order in the matter of Genus Prime Infra Limited Page 3 of 41 30(1) and Regulation 30(2) of the SAST Regulations, 2011 alleged to have been committed by Noticee-1 and Noticee-2 and also to inquire into and adjudge under Sections 15H(ii) of the SEBI Act, 1992, the violation of Regulation 3(2) of the SAST Regulations, 2011 alleged to have been committed inter alia by the said 3 Noticees. Pursuant to the transfer of Shri Prasad Jagdale, Shri Suresh Gupta was appointed as Adjudicating Officer and thereafter, the Adjudication proceedings have been transferred to me vide Order dated May 18, 2017.
Adjudication Order in the matter of Genus Prime Infra Limited Page 4 of 41 the record date of the company for the purposes of declaration of dividend. The details of the said non-compliance are given in the following table: Sr No Regulation/sub- regulation Relevant Year Due date for compliance Status of compliance 1 8(2) of SAST,1997 2010- 2011 29.04.2011 Not complied
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Source: SecMarx — sebi:Order/KS/VS/2020-21/9032-9034. 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.